Shares already accepted as investment in earlier AY cannot be treated as stock-in-trade in current AY

CIT Vs Century Plyboards (I) Ltd. (Calcutta High Court) Calcutta High Court held that for earlier assessment years already tax in respect of sale of shares was treated and accepted as long term capital gains. Thus, when the shares were held to be investments and accepted as earlier AYs, it cannot be said to be not an investment in the current AY. Accordingly, profit taxable as capital gains and not business income. Facts- In this appeal we are concerned with only one issue namely, whether the profit of 4,33,09,144/- should be treated as long-term capital gains or business profit. AO pointed ou...