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2017 (2) TMI 787 - AT - Income TaxTreatment to investment in shares - trading activity and taxing as short term capital gain or business income - Held that:- In the preceding year also, we find, that the department has accepted the treatment of STCG on the investment division and profit from business in trading division and therefore the stand of the revenue is in variance to the principle of consistency in the in the pattern of assessment. Under these facts and circumstances,we are of the view that the finding of the lower authorities are not correct and cannot be sustained as the facts on records amply proved the fact of having earned short term capital gain out of investments held for a short period out of proceeds from the units of Birla Sun Life which were also held as investments. We are, therefore, inclined to set aside the orders of lower authorities and direct the AO to treat the income of ₹ 21,10,696/- as STCG and not as business income. - Decided in favour of assessee
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