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2012 (11) TMI 383 - AT - Income TaxBusiness income or short term capital gain – sale of shares - company is having an investment portfolio and has held certain shares in stock-in-trade – Held that:- Company decided to convert trading portfolio into investments vide resolution of the Board in Annual General Meeting to convert the shares from stock in trade to investments - assessee has taken the market value on 31.3.2004 as the cost of the acquisition without taking the benefit of the indexation, the difference between the sales price and the cost of acquisition has been offered for taxation as short term capital gain – in favor of assessee
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