Tribunal Rules Loss on Sale of Government Securities as Allowable Business Expense, Disputes Investment Presumption.

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....Disallowance of loss on sale of Government Securities - permissible business loss or not? - The Tribunal disagreed with the AO's presumption that the securities were not stock-in-trade but investments, noting that buying and selling securities, including Government securities, were part of the business activity of the assessee company. The Tribunal found that the loss on sale of Government securities claimed by the assessee was allowable as a business loss.....