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.

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