Business income or capital gains cannot be decided by merely looking at frequency of transaction in shares

Advertisement Ankur Scientific Energy Technlogies (P) Ltd. Vs Dy. CIT (ITAT Ahmedabad)  Frequency of a transaction is one of the reasons amongst others for forming a belief whether an assessee was engaged in the business of share transactions or it was only making investment. This one factor cannot be sufficient to decide controversy conclusively. It is pertinent to observe that the assessee has always valued investment at cost. Had it been engaged in trading of shares, then at the close of the year, the valuation would have been made either at cost or at market price whichever is lower. T...