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2015 (2) TMI 851 - HC - Income TaxProfit earned from sale of shares - income from adventure in the nature of trade or as short-term capital gain - Held that:- As find from the totality of facts and circumstances of the case that this income cannot be treated as the assessee's business income from adventure in the nature of trade because this is an investment in shares and sale of some of the shares in order to repay the loan in the condition when the price of shares has quickly risen. Any income derived from the sale of shares has to be treated either long-term capital gain or short-term capital gain subject to holding of the shares. In this case, this income has to be treated as short-term capital gain and not as a business income. Revenue was unable to show that the activity undertaken by the assessee was an adventure in the nature of trade. - Decided in favour of assessee.
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