Supreme Court · 1967 INSC 266 · Decided 22 November 1967
Dalhousie Investment Trust Company LTD. v. Commissioner of Income-Tax (Central), Calcutta
- Court
- Supreme Court of India
- Citation
- 1967 INSC 266 · [1968] 2 S.C.R. 353
- Case number
- CIVIL APPEAL No. 581/1966
- Decided
- 22 November 1967
- Bench
- J.C. SHAH, V. RAMASWAMI, VISHISHTHA BHARGAVA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Indian Income"'ax A.ct, 1922 (11 of 1922), s. 2(4) Purchase and sale of share when. amounts to adventure in the nature of Trade-Previous findillgs of Tribunal whether blndillg in subsequent assessment years. The principal activity of the assessee was investment of its capitals in shares and its investments by sale of its shares and stocks from time to time. The assessee's income was primarily derived from dividends on shares and interest derived by it on the Investments. The assessee purchased the shares of a company V>hen their prices were falling by taking loan at lnterest and
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