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2012 (7) TMI 157 - HC - Income TaxEntitlement to be taxed under the head capital gains in respect of purchase and sale of shares - Assessee has shown speculation loss in share trading business - Held that:- As the assessee has not borrowed any funds for its investments and that LTCG were attributable to only shares of 4 companies out of which 3 were held for a period of about 5 to 12 years and about 93% of the short terms gain/loss of shares ranging in excess of 1 month - as the assessee had returned speculation loss in his return ITAT followed the decision as decided in CIT V/s. Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] to hold that there is no bar for an assessee to maintain two separate portfolios, one relating to investment in shares and another relating to business activities involving dealing in shares - no substantial question of law - in favour of assessee.
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