TMI Blog2013 (12) TMI 418X X X X Extracts X X X X X X X X Extracts X X X X ..... daily trading in shares were with the business motive, which were showed as business income only - As per the Board Circular No. 4 of 2007 issued on June 15, 2007 - It is possible for a taxpayer to have two portfolios, namely, an investment portfolio comprising the securities, which are to be treated as capital assets and trading portfolio comprising stock-in-trade, which are to be treated as tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also the Tribunal, after due appreciating all the facts, have correctly recorded the finding that the delivery based transactions were made with an investment motive and as such, the income therefrom was in the nature of short-term capital gains whereas the income from F O transactions and daily trading in shares were with the business motive, which were showed as business income only, which wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment portfolio and undisputedly, the period of holding is less than one year. Having regard to the aforesaid, the Commissioner of Income-tax (Appeals) and the Tribunal have held that there is no infirmity in holding that these transactions would be treated as short-term capital gains. In view of the aforesaid finding of fact recorded by the Commissioner of Income-tax (Appeals) affirmed by the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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