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2018 (10) TMI 607 - HC - Income TaxTransaction in shares - Business income or capital gains - AO was of the opinion that the amount claimed as short-term capital gains really ought to be treated as business income - CIT(A) and ITAT confirmed the additions - Held that:- AO was cognizant of the CBDT’s circular which outlined no less than ten elements which the Revenue authorities are to consider in appreciating, whether or not, capital gains reported by the assessee are in fact so or do they really amount to a business income. Having regard to the concurrent findings rendered on proper application of the law and the relevant circulars, the Court is of the opinion that no question of law arises. - Decided against the assessee.
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