If Company Assessee mainly engaged in purchase/ sale of shares the same will be treated speculative business

HIGH COURT OF CALCUTTA ALFA Tie-up (P.) Ltd. Versus Commissioner of Income-tax IT Appeal No. 841 of 2004 OCTOBER 12, 2012 ORDER K.J. Sengupta, Actg. CJ. This appeal has been directed against the judgment and order dated 11th August, 2004 passed by the Income Tax Appellate Tribunal, ‘E’ Bench, Kolkata in I.T.A. 2425/Kol/2003 for the assessment year 2000-01. The said appeal has been admitted by this Hon’ble Court by an order dated 23rd December, 2004 on the following substantial questions of law:- “(i) Whether the Tribunal was justified in law in holdin...