ITAT Mumbai Rules despite high volume and short holding period, shares gain is STCG

ACIT Vs. Naishadh V. Vachharajani (ITAT Mumbai) C.O. No. 136/Mum/2010. (In ITA No. 6429/Mum/2009) Assessment Year: 2006- 07. O R D E R Per J. Sudhakar Reddy, A.M. : This is an appeal filed by the Revenue directed against the order of the CIT(Appeals)-35, Mumbai dated 29-09-2009 on the following ground : “ On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing the A.O. to accept the claim of Short Term Capital Gain and Long Term Capital Gain on profit arriving from purchase & sale of shares instead of business income treated by the...