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2009 (8) TMI 815 - AT - Income TaxActivity of dealing in shares - badla transaction and the speculative transactions - investment activity or business activity - The main and the only legal objection of the Assessing Officer as reflected in the beginning of the order itself was that activity of dealing in shares was treated by the assessee as an investment activity, however according to Assessing Officer the activity of the assessee of dealing in shares was a business activity - Held that:- that the appellant had simply acted in the fashion to maximize the value of its wealth holding, in the shape of shares - Such an activity cannot be held a profit making activity of a business concern but safely it can be held as a profit seeking activity of an investor - Decided in favour of assessee.
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