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2017 (3) TMI 887 - AT - Income TaxIncome from sale of shares - business income or capital gain - Held that:- Assessee is consistently showing income from short term and long term capital gain in sales of shares and showing the investments at cost price in the balance sheet and not as a stock-in-trade. We further observe that assessee is mainly engaged in the business of diamond trading and apart from she is having income from short term and long term capital gains from sale of shares. Further for Asst. Year 2009-10 also profit from shares is shown as long term and short term capital gain. In view of these relevant facts and the consistent approach of assessee showing income from shares under the hear ‘long term and short term capital gain’ and also showing of investments in shares and debentures under the head investment and not as a closing stock, we are of the firm view that ld. Commissioner of Income Tax(A) has rightly allowed the assessee’s claim - Decided against revenue
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