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2018 (10) TMI 1094 - ITAT MUMBAIIncome from sale of shares - capital gain or busniss income - period of holding - Held that:- In the instant case, the assessee has entered repeatedly in the above scrips which he had already disposed of. The same is done in a systematic and organized manner which is sine qua non of business income. In view of the above repetitive transactions of purchase and sales in the scrips of Bharati Shipyard and Sah Petro, the Ld. CIT(A) has rightly treated the amount as business income. However, we direct the AO to allow the related business expenses on the above income. The assessee is directed to file before the AO the relevant documents/evidence on the above. Needless to say, the AO would give reasonable opportunity of being heard to the assessee in this regard. - decided in favour of assessee.
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