Large number of transactions can not be the sole criterion to treat Profit from Shares as business income

Nagindas P. Sheth (HUF) Vs. ACIT (ITAT Mumbai) Brief: – Merely because assessee transacted in 158 shares that should not be taken as a sole criterion to come to the conclusion that assessee is a trader in shares. It is not in dispute that in the books of accounts assessee has declared the shares as an investment and the finding of the learned CIT (A) that only own funds were utilised for purchase of shares was not contradicted by the learned DR. It was also highlighted by the learned CIT(A) that assessee had not indulged in any squaring-up of the transactions on the same day. On a conspe...