Case Name : Asstt. Cit vs. Jehangir t. Nagree
Citation :  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.