Despite Less than 30 day Holding, Share Gain is STCG & not Business Profit

Hitesh Satishchandra Doshi vs. JCIT (ITAT Mumbai) – When the assessee has treated the investment transaction in the books of account, which includes the long term capital gains as well as short term capital gains, then after accepting the long term capital gains, the transaction representing short term capital gains as claimed by the assessee can be neither treated as an investment or trading in nature. There cannot be a sub-division of transaction relating to short term capital gain. Hence, in our considered opinion, in the case in hand, the CIT(A) has committed an error in bifurcating ...