New Era Agencie(Pvt) Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1967-11-28 AY: 1954-55 Section: 28(i), 2(13) Acts: Indian Income Tax Act, 1922 Result: Revenue Citation: (1968) 68 ITR 585 (SC) Justices: J.C. Shah, V. Ramaswami & V. Bhargava, JJ. Appeal No: Civil Appeal No. 2462 of 1966
Whether the profit from sale of shares by a dealer in shares constitutes business income or capital gains --- Held: Business Income. Whether the consideration received for shares included payment for controlling interest or other rights --- Held: No, entire consideration represented price of shares only.

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