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2016 (8) TMI 765 - GUJARAT HIGH COURTSale of shares - business income or investment income - Held that:- The transactions taken place in the year under consideration show that the assessee is indulged in purchasing and selling of shares within a short time i.e. within a period of twelve months. The assessee did not wait even for twelve months to dispose of the shares. Thus the assessee has carried on business in shares. Therefore, the intention of the assessee was not of an investment. In that view of the matter, the Tribunal has rightly held the assessee as a dealer in shares for the year under consideration. Both the appeals, therefore, fail and are dismissed. The question referred to us is answered in favour of the revenue and against the assessee.
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