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2012 (2) TMI 72 - ITAT MUMBAINature of income – capital gain vs business income - purchase & sale of shares – A.Y. 07-08 - Held that:- Issue was covered in favour of the assessee by the decision of the Tribunal in A.Y. 2005-06 and 2006-07 in which the Tribunal on identical facts accepted the claim of the assessee that it was an investor. Merely on the ground that volume of transaction was heavy and capital gain earned was large, it could not be held that the assessee was trading in shares. Hence, order of CIT(A) accepting the claim of the assessee as capital gain is upheld – Decided against the Revenue.
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