Share Trading Income Not Business Income as Records Supported Capital Gains Claim

 PCIT Vs Sarah Faisal Hawa (Bombay High Court) The appeal before the Bombay High Court was filed under Section 260A of the Income Tax Act, 1961, challenging the order dated 11 September 2017 passed by the Income Tax Appellate Tribunal (ITAT), Mumbai. The principal question of law was whether the ITAT was justified in treating income from share transactions as long-term and short-term capital gains instead of business income and in setting aside the revisionary order passed by the Commissioner under Section 263. The assessee filed a return of income for Assessment Year 2008–09 declaring tota...