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2010 (7) TMI 555 - AT - Income TaxWhether the profit on sale of investments in shares through portfolio management scheme as trading profit or capital gain - In the instant case the assessee claimed in the return of income Long Term capital gain of19,05,537/- and short term capital gain of11,37,486/- on sale of shares which were held as investment by it - Assessing Officer treated the entire income derived from transactions under Portfolio Management Scheme as business income - The settled position of law in this regard is that whether the asset acquired is investment or stock-in-trade in the hands of the assessee – In view of the absence of material evidence The Learned Assessing Officer is directed to re-adjudicate the issue afresh keeping in view the observations made hereinabove in this order - Appeal is allowed for statistical purpose
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