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2011 (11) TMI 499 - ITAT MUMBAIPurchase and sale of shares – Short term capital gain vs Business income - Nature of Income – Held that:- Once the AO accepted the transaction as investment in the earlier year and also in the subsequent years, then, in the absence of any glaring material change in the facts and circumstances, the AO ought to have maintained the consistent view on the issue. AO cannot be allowed to treat the share as stock in trade when accepted the same as investment in the earlier year. Further, consistency in the pattern of purchase and sales of share over the years and also uniformity in treatment of the transactions, shows that the intention of the assessee to hold the share as investment. Also the like investment made out of own funds or borrowed funds, frequency of transactions, valuation of shares in balance sheet etc the income is assessable as short term capital gain. See Gopal Purohit. Versus JCIT (2009 (2) TMI 233 - ITAT BOMBAY-G).- Decided in favor of assessee
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