COMMISSIONER OF INCOME TAX, NAGPUR vs SUTLEJ COTTON MILLS SUPPLY AGENCY LTD.

The Supreme Court held that the dominant intention of the assessee in selling shares was to make a profit, qualifying the transaction as an adventure in the nature of business under the Income Tax Act. The Court emphasized that the findings of fact by the Tribunal, which applied the correct legal tests, should not be interfered with by the High Court. The High Court's conclusion was deemed based on unwarranted assumptions, and the appeal was allowed, affirming the Tribunal's assessment of the profits as taxable.