Monday, May 16, 2016

Transaction in shares couldn't be treated as speculative if it doesn't constitute 'business'

The High Court of Madras held that where assessee-company was not regularly dealing with shares, but indulged in purchase and sale of shares because of certain financial problems of sister concern, there being no systematic or organised course of activity and no regularity in transaction and purchase being one time activity it could not be construed as a speculative transaction.

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