2020 (12) TMI 112 - ITAT SURAT - Income Tax

Head Note / Extract:
Correct head of income - income of share transaction - business income OR capital income - Period of holding of shares - HELD THAT:- CIT(A) taking into account all facts of assessee`s case has directed the assessing officer to treat the 'Capital Gain’ from sale of shares held by the assessee for a period of one month or more, but less than one year should be treated as investment and profit earned from sale of the same should be assessed as ‘Short Term Capital Gain’; while the shares held for less than a month should be treated as trading purchases of the assessee and profits from the same should be assessed under the head 'Business Income'. Having gone through the order of ld. CIT(A), we noticed that there is no any infirmity in the order and reasoning given by the ld. CIT(A). That being so, we decline to interfere with the order of Ld. CIT(A) in directing the assessing officer, his order therefore, upheld and the grounds of appeal of the assessee are dismissed.