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2013 (12) TMI 1113 - AT - Income TaxGain on sale of shares – capital gain or business income – Held that:- Following Associated Industrial Development Co. (P.) Ltd [1971 (9) TMI 3 - SUPREME Court] - If any body proves that the share purchased kept under the investment portfolio and the same are kept under the stock-in-trade, then the same treatment is to be given - The assessee has shown all the purchases under the head investment portfolio - This fact has been admitted by the departmental authority in previous two years, where the short term capital gain shown by the assessee has been accepted - Following V.A.Trivedi [1987 (1) TMI 12 - BOMBAY High Court] - The period of the holding and number of transactions cannot be the only basis to determine whether the assessee has carried out the business in shares transactions - It may be one of the relevant consideration but cannot be the main consideration for deciding whether the assessee in this case is engaged in a business or not – All the surrounding circumstances should also be looked into – Decided in favour of assessee.
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