2001 (4) TMI 920 - HC - Income Tax

Summary

The Gujarat High Court dismissed the appeals as the Tribunal concluded that the assessee did not engage in a trade adventure based on various factors, including the source of funds, holding period, and intention of keeping shares as investments. The Tribunal applied tests from previous cases like P.M. Moahmmed Meers Khan vs. CIT and Khan Bahadur Ahmed Alladin & Sons vs. CIT to reach this conclusion.