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Capital Gain from shares cannot be treated as Business Income merely for low cost of acquisition
Case Law Details
- Case Name
- JCIT Vs United Spirits Limited (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-2006
- Courts
- All ITAT, ITAT Bangalore
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JCIT Vs United Spirits Limited (ITAT Bangalore)
It is not in dispute that the shares of M/s. Lee Edges were purchased by the assessee in the Financial Year 2003-04 and those of M/s. Shaw Wallace Breveries Ltd., were purchased in the Financial Year 2001-02 were unlisted shares. These shares were sold in Financial Year 2004-05. These shares were held for more than 12 months in both the cases. The admitted position with regard to treatment in the books of accounts is that the shares have been treated as investment and not as stock-in-trade. In the light of the CBDT’s Circulars ...
