Supreme Court Dismisses Assessee's Appeal: Profit from Share Sales Held as Trading Income, Not Capital Gain. Purchase and Quick Resale of Shares with Borrowed Funds and Debiting Interest as Revenue Expenditure Indicated a Well-Planned Scheme to Earn Profits under the Income Tax Act, 1922.
31 Jul 1969The assessee firm, Juggilal Kamlapat, Kanpur, was engaged in promoting companies and financing sister concerns of the J.K. Group. During the assessmen...
