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2013 (10) TMI 470 - AT - Income TaxClassification of head of Income on sale of shares – Chargeable under head Capital gain or Business income – Held that:- There are conflicting decisions of the Tribunal on this issue. Each case is, therefore, to be based on its own factual situation - Assessee has shown shares as investment right from the date of purchase and that was shown as such in the balance sheet of the assessee which was filed before the AO - Shares have to be treated as an investment and therefore any profit earned on the sale thereof is to be treated as capital gain – Decided in favor of Assessee.
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