When assessee is engaged in business of buying and selling shares, profit or loss on such shares would be profit and loss of such business unless assessee establishes that shares in question were bought as a long term investment

DECIDED BY: HIGH COURT OF HIMACHAL PRADESH, IN THE CASE OF: Ankita Deposits and Advances Pvt. Ltd. Vs. CIT, APPEAL NO: ITA Nos. 33 & 34 of 2008, DECIDED ON June 18, 2010

JUDGMENT

Per Deepak Gupta, J.

1. Both these appeals involve identical questions of law. They only relate to different assessment years, therefore, they are being decided by a common judgement. No question of law has been framed in ITA 34 of 2008. However, the following question of law has been formulated in ITA No. 33 of 2008:

“Whether the Company dealing with the share holding can change its stand by converting certain shares to be their long term capital asset?”

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