Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 1177 - HC - Income TaxSale of shares - ITAT held that the assessee was a trader in shares in question and not an investorHeld that:- During the course of hearing before us, learned counsel for the appellant has submitted a chart in respect of shares held under investments for less than 366 days. We find, the transactions, i.e. sale and purchase of shares in the assessment year 2006-07 would be around 150 in number, if not more. The Tribunal has rightly observed that the assessee had invested in shares of Dabur Group and had earned dividend income on the said shares. Share of Dabur Group cannot be equated with the shares in question. Keeping in view the factual findings recorded by the authorities and the Tribunal in respect of assessment years 2005-06 and 2006-07, we do not see any reason to interfere that the shares shown as investment in balance sheet, were actually stock in trade. He also observed that shares of five companies were purchased and sold within a span of a few days.
|