Meaning of tax terms
Meaning of “Business carried on by him”
Case Name : Asstt. Cit vs. Jehangir t. Nagree
Citation : [2008] 23 sot 512 (mum.)
Court : Mumbai high court
Section : 45
Meaning : The words ‘business carried on by him’ as appearing in section 45(2) do not mean that before date of conversion of investment or capital asset into stock-in-trade, the assessee must carry on business of share transaction or such a business must be in existence.
