Gain from sale of shares with Short holding- Business Gain or Capital Gain

Ramilaben D. Jain Vs ACIT (Bombay High Court) Details of the sales and purchase in shares during the year resulted in the conclusion of the Tribunal that total 73 transactions were disclosed. Only one transaction is shown in long term capital gain category. The other transactions are sales and purchase of shares during the year itself. Out of 72  transactions showing the short term capital gain, only in the case of ten transactions, the holding period is more than one month. In the majority of the transactions the period of holding is even less than one week. That is ranging from one day to ...