Supreme Court of India
Commissioner of Income-tax, Bombay City I, Bombay v. Bai Shirinbai K. Kooka
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the answer given by the High Court to the question of law referred to It was correct.
Judgment, page 16
From the headnote
Income-tax-Profits-Shares purchased by assessee for investment-Sales of Shares subsequently as trading activity Oomputation of profit. The assessee purchased shares by way of investment in 1939-40 at a cost price which was much less than their market value on April I, 1945. Her dividend income therefrom was assessed to income tax. In the financial year 1945-46 the assessee converted these shares iuto her stock-in-trade and carried on business in the shares. Per income for the assessment year 1946-47 was computed on the basis of the profits which she made by the sale of her shares as a
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