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 inte

Please become a Premium member. If you are already a Premium member, login here to access the full content.