Business income or capital gains on Purchase & sale of shares- ITAT adopts 30 days theory

Shankar Realty (P) Ltd. Vs. ACIT (ITAT Mumbai) We have observed that the assessee is declaring income from house property as well income from capital gain in the return of income filed with the Revenue. The dispute is within narrow compass wherein the assessee is contending that the income from sale and purchase of shares be treated as capital gains while revenue is contending the same to be business income. The assessee duly explained before us that no interest bearing borrowed funds were utilized for buying the shares. The assessee has duly explained that the interest of Rs. 20.02 lacs was p...