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2013 (12) TMI 1267 - AT - Income TaxBusiness income vs Capital Gain - Income from sale of shares – Held that:- Following the principles laid down in Sugamchand C. Shah vs. ACIT [2010 (1) TMI 942 - ITAT, Ahmedabad] - if shares are not held even say for a month, then the intention is clearly to reap profit by acting as a trader and he did not intend to hold them in investment portfolio - Where shares are held for more than a month, they should be treated as investment and on their sale short term capital gain should be charged - When shares are held for less than a month, gain on them should be treated as profit from business – Following assessee’s own case for A.Y. 2006-07 - basic data required to work out the frequency of transactions of holding period is not collected by the AO – The issue was restored for fresh decision.
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