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1954 (11) TMI 3 - SUPREME COURT
Whether excess is a receipt from business and not a mere appreciation in capital?
Held that:- We reverse the decision of the High Court and hold that the purchase of shares to the tune of ₹ 3,00,000 was an investment and not an adventure and the two sums which were taxed were not in the nature of income from business and were therefore not liable to tax. We allow the appeal and set aside the judgment of the High Court with costs to the appellant.