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2016 (12) TMI 40 - AT - Income TaxIncome from sale of shares - busniss income or capital gain - Held that:- Once the assessee was holding the shares as investment since 1996-97 up to 2013-14, there was no reason to treat the income from sale of shares under the head "Business income" because the intention of assessee was manifested very clearly by its conduct. The assessee had primarily utilised its surplus funds for investing in shares and not borrowed funds. Moreover, the learned Commissioner of Income-tax (Appeals) has also observed that in the memorandum of the assessee- company, there was no objects clause for trading in shares. We, therefore, uphold the order of the learned Commissioner of Income-tax (Appeals).
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