Supreme Court · 1969 INSC 162 · Decided 31 July 1969
Juggilal Kamlapat, Kanpur v. Commissioner of Income-Tax, Lucknow
- Court
- Supreme Court of India
- Citation
- 1969 INSC 162 · [1970] 1 S.C.R. 720
- Case number
- CIVIL APPEAL No. 1953/1968
- Decided
- 31 July 1969
- Bench
- J.C. SHAH, V. RAMASWAMI, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Jncon1e-tax-Deafing in shares-Whether capital investment or trading activity. A B The assessee firm used to promote companies. It purchased all the shares of a Company at the ruling rates with borrowed money and very soon thereafter disposed of all of them at a profit. Before the Income-tax C over the shares with a view to secure the managing agency of that Company and had thereafter distributed the shares to its allied concerns, that the transaction was only to facilitate acquisition of a capital asset and the profit realised from the sale of such a capital investment was a capital
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