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2 orders · Page 1 of 1
The Tribunal held that the assessee is entitled to maintain separate portfolios for stock-in-trade and investments. The facts did not indicate the land was purchased with the intention to re-sell, thus the profit is assessable as capital gains.
The Tribunal held that under the Maharashtra Co-operative Societies Act, 'Nominal Member' is included within the definition of 'Member'. Therefore, loans advanced to nominal members are eligible for deduction under Section 80P(2)(a)(i).