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2014 (7) TMI 414 - AT - Income TaxTreatment of STCG on income from business – Sale of shares - Held that:- Revenue has accepted that the assessee is an investor in shares for the last 10 years and from the AY 2001-02 to 2012-13, except during the year under consideration, the short term capital gain offered by the assessee has not been disturbed by the Revenue - out of 49 scrips there are only 17 scrips which the assessee had purchased prior to 1st April, 2007 i.e. in the previous year relevant to the AY 2007-08, and shown the investment in shares as investment which has been valued at cost - It is the profit arising from sale of such scrips cannot be treated as business income as the AO has accepted those scrips as investment of the assessee - the assessee has been employed and therefore the assessee has earned salary income - The sources of income are invested by the assessee regularly and every year in equity shares of various companies which is apparent from the investment in shares shown by the assessee every year - authorities are not justified in treating the receipt as business income - the AO is directed to treat the income as the STCG – Decided in favour of Assessee.
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