Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 1658 - AT - Income TaxIncome from sale of certain shares - LTCG or Business income - Held that:- It is true that in the various judicial pronouncements cited by the ld. Counsel for the assesese, the conversion of shares from stock in trade into investment has been accepted despite there being no specific provision to recognize such conversion. However, in assessee’s own case, the Tribunal has not accepted such conversion in the immediately preceding year, i.e. A.Y. 2005-06 and it, therefore, follows that the shares sold by the assessee during the year under consideration continued to constitute its stock in trade and not investment. Consequently the profit arising from the sale of the said shares, in our opinion, is chargeable to tax in the hands of the assessee as its business income as rightly held by the Assessing Officer and not long-term capital gain as held by the ld. CIT(Appeals). We, therefore, set aside the impugned order of the ld. CIT(Appeals) on this issue and restore that of the Assessing Officer. - Decided in favour of assessee
|