Case Law Details
Vidyasagar M.P. Sah Vs DCIT (ITAT Mumbai)
In this case Though activity of purchase and sale of shares was not the main occupation of assessee, however, high volume of trade in shares, and very short holding period showed that assessee was using his knowledge, skill and resources to deal in shares, and gains arising on sale of shares were, therefore, to be assessed as business income, and not as short term capital gains.
FULL TEXT OF THE ITAT JUDGMENT
This appeal by the assessee directed against the Order by the Commissioner of Income Tax (Appeals)-34, Mumbai (‘CIT(A)’ for short) dated 12.01.2016 and pertains to the assessment year (A.Y.) 2012-13. The grounds of appeal read as under:
1. Short Term Capital Gain of Rs. 3,51,66,426/- treated as Business Income
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