Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 227 - AT - Income TaxCapital gain or business income - Trading of shares – assessee holding shares as a investment – Held that:- Assessee had submitted the explanation that he is mainly doing the business of poultry farm but also doing business in trading of shares - AO has not appreciated the explanation of the assessee that he has made the investments also as available at PB-40 and such details were available with the AO as well as before the CIT(A) - if any shares after purchase are sold to pay off the loan then the intention of making the investment cannot be held to be as an intention to trade in shares to hold the same as stock-in-trade - AO is not justified in treating short-term capital gain declared by the assessee as business income - appeal of the assessee is allowed
|