Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 260 - AT - Income TaxSTCG on sale of shares – Transaction treated as business income – Held that:- The assessee is a house wife and she has carried out the purchase and sale of transactions in the past years also - In AYs 2007-08 and 2008-09, the assessments were completed by accepting the activity of the assessee as Investment activity - the assessee has incurred Long term Capital loss and only in the present AY, the assessee has incurred net Short term Capital gain and Long term Capital gain - the assessee has used her own funds only for making investments - the assessee has placed a fund flow statement for the year under consideration and for the three years immediately preceding - The assessee has not invested her funds only in share trading activity - She has invested in property, Shares, Jewellery, PPF and also for giving loans to others - The assessee has also parked her funds in banks – thus, assessee should be considered as an Investor only - the profits arising on sale of shares should be assessed under the head “Capital gains” only – thus, the order of the CIT(A) is set aside – Decided in favour of assessee.
|