Shares held as investments are taxable under Capital Gains: ITAT Mumbai

Growmore Research and Assets Management Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whether the shares are held as investment or stock-in-trade. Thus, here since shares are held as investments, gains are taxable as capital gains. Facts- The present appeal is preferred by the appellant mainly contesting that CIT(A) has erred in confirming the addition made by AO as ‘business income’ in respect of gain aggregating to Rs. 1,98,99,186/- arising on sale of shares of Grasim Indu...