Court : Kerala
..... , dated june 15, 2007 sub: distinction between shares held as stock- in-trade and shares held as investment-tests for such a distinction. ita.267/14 & con. cases 29 the income-tax act, 1961 makes a distinction between a capital asset and a trading asset.2. capital asset is defined in section 2(14) of the ..... company engaged in portfolio management services having obtained necessary registration from the sebi. the return of income for the assessment year 2008-09 was filed and assessment under section 143(3) of the income tax act was completed, treating the transactions in purchase and sale of shares as 'business income' instead of capital gains as shown by the assessee company. in so far as the .....
Tag this Judgment!Court : Kerala
Reported in : AIR1986Ker256
..... taken the view that it is not permissible for the courts to add words to a statute. reliance has been placed on some early decisions under the income-tax act in support of that proposition. it is doubtful whether this approach can any longer be enthusiastically adopted by the courts in india after the decisions of the ..... a link or background with such treaty, protocol or convention. (see the observations of the supreme court while interpreting the provisions of the foreign awards (recognition and enforcement) act, 1961, in tractoro export v. tarapore & co., air 1971 sc 1). the legislative measures with which we have to deal with in the present case, have far wider ..... funds to the state boards for their effective functioning. it is, therefore, proposed to levy a cess................'that is also indicated in the preamble to the act reading;'an act to provide for the levy and collection of a cess on water consumed by persons carrying on certain industries and by local authorities, with a view .....
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