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2015 (8) TMI 311 - ITAT MUMBAITransaction of shares - short term capital gains or business income - Held that:- In the present appeal, we note that the assessee made investment in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it cannot be said that the assessee was doing business. See Shantilal M Jain vs ACIT [2011 (4) TMI 42 - ITAT MUMBAI], Janak S Ranawala(2006 (12) TMI 261 - ITAT MUMBAI) , CIT vs N.S.S. Investment Pvt Ltd. [2005 (4) TMI 45 - MADRAS High Court ] and CIT vs. Associated Industrial Development Company [1971 (9) TMI 3 - SUPREME Court] Thus we do not find any merit in the action of AO for treating the short term capital gain as business income. - Decided in favour of assessee.
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