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2019 (3) TMI 1108 - HC - Income TaxGains arising from transfer of shares held for a period of less than 30 days - classification of income - correct head of income - busniss income or capital gain - buying and selling shares of sizable volume and value - Tribunal treated it as business income and not as capital gains - whether mere demarcation of holding shares for less than 30 days or more cannot be conclusive or even in a given case the determinative factor? - HELD THAT:- The facts on record would suggest that during the period relevant to assessment year 2007-08, which is under consideration, the assessee had executed as many as 106 transactions of buying and selling shares within less than 30 days. The total value of sale transactions was ₹ 7.11 crores. The assessee had also engaged in buying and selling shares of sizable volume and value after holding them for a period ranging between two months to upto 200 days. It was also noticed that the assessee was indulging intra-day transactions without taking delivery of the shares which gave rise to the assessee’s speculative income. When seen in totality of the facts and circumstances of the case, one cannot find fault to the Tribunal’s conclusion that the assessee was not purely an investor in shares. The Tribunal introducing the demarcation line of holding of shares of less than 30 days and more than 30 days for giving different treatment for receipts arising out in sale of such shares would not vitiate the very foundation of the Tribunal’s finding. No question of law arises
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