Despite Loan, Shares Gain is STCG and Not Business Profit

Shri Mahendra C Shah, Mumbai Vs Additional Commissioner of Income Tax – I T A No: 6289/Mum/2008 – (Assessment Year: 2005- 06) Additional Commissioner of Income Tax  Vs  Shri Mahendra C Shah Mumbai – I T A No: 4932/Mum/2009–(Assessment Year: 2006- 07) Assessee by: Mr R G Tralshawala Revenue by: Mr R S Srivastav O R D E R R V EASWAR, PRESIDENT: These are two appeals, one by the assessee which relates to the assessment year 2005-06 and the other by the revenue which relates to the assessment year 2006-07. Since they were heard together, they are disposed...