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Amp Spg. and Wvg. Mills (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)100ITD142(Ahd.)

..... of shares of certain companies. this is how the courts and the tribunals have proceeded to decide in the following cases.28.1 in the case of sun distributors mining co. (supra) the calcutta high court observed as under : 6. the section will not apply where any part of the business of the company 'consists' in ..... distinct and separate business if the nature of such transactions are such that, it constitutes a business. this is provided under explanation 2 to section 28 of the act. likewise the definition of the term 'speculative transaction' is provided in section 43(5) in a substantive manner. generally speaking, the ambit and scope of speculative ..... that it would be wholly unreasonable to import the observations and findings of such distinct and distinguished surroundings to an altogether independent and unrelated field viz., the income-tax act, 1961. in the second case, he observed that the supreme court was called upon to give a definition of the words "consumer", "goods" and to decide .....