Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 323 - HC - Income TaxTreatment of STCG – Business income or not – Sale of shares - Held that:- The assessee was not carrying on business but was a HUF comprised of various members - It made investment in 12 companies and indulged in actual sale and purchase transactions for 45 days out of 250 trading sessions - The karta of the HUF was also a full time employee - director of various companies - the average holding period was more than 50 days in respect of each scrip that was transacted in sale and purchase – Relying upon Commissioner of Income Tax v. Sutlej Cotton Mills Supply Agency Ltd. [1975 (7) TMI 2 - SUPREME Court] - emphasis on no single test can be determinative or conclusive of the matter - the overall tests noticed and applied by the Tribunal cannot be faulted – Decided against Revenue.
|