RAJA BAHADUR VISHESHWARA SINGHAND OTHERS. vs COMMISSIONER OF INCOME-TAX, BIHARAND ORISSA

The Supreme Court held that under Section 66(2) of the Indian Income-tax Act, 1922, the appellant was rightly assessed as a dealer in shares and securities, making the profits from such transactions liable to income tax. The Court established that the nature of the transactions indicated a business activity rather than mere investment, as evidenced by the substantial volume of transactions and the manner of record-keeping. The appeal was dismissed, affirming the High Court's findings that the profits were assessable as business profits.