Despite high volume & short holding period, shares gain is STCG – Bombay HC

The Commissioner of Income Tax Vs. Naishadh V. Vachharajani (Bombay High Court) IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO. 1042 of 2011 The Commissioner of Income Tax Vs  Naishadh V. Vachharajani DATE : 22nd September 2011 P.C.: 1. Whether the Income Tax Appellate Tribunal was justified in holding that the income arising on transfer of shares were liable to be assessed as short term capital gains / long term capital gains instead of assessing the same as business income, is the question raised in this appeal. 2. ...