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2011 (5) TMI 537 - HC - Income TaxShort-term capital gain or Business income - Sale of 206828 shares of ONGC - Held that:- The acquisition of such shares in public issue with the intent of holding them for a long period of time to achieve long-term appreciation and the mere fact that the shares were sold in a short span of time of its acquisition due to steep and unanticipated rise in stock market does not mean that the intention of the assessee at the time of purchase of shares was not to hold them for a long period of time or to deal in them - Therefore, the profit arisen from sale of shares of ONGC during the relevant previous year was to be treated under the head "capital gain" and not "profit or gain of business and profession".
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