Case Law Details
Case Name : CIT Vs M/s D & M Components Ltd. (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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The assessee is engaged in business of auto spare pails and investment in bonds, mutual funds and other securities. The assessee filed his return declaring STCG on the basis that the shares were purchased with an intention of investment. But the Ld. AO rejected the assesse’s claim making profit from sale of shares taxable under the provisions of business income. On further appeal to Ld. CIT (A), the same was upheld stating that assessee failed to maintained separate books of accounts for the investment and the sale purchase took place in very short time period. Whenever any share is purchase...
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Dear Sirs,
Please advise if my brother’s income is below two lacs including profit from intra day transactions (Transaction value is Rs. 15 lacs, profit is Rs. 25k only). Should the filing of the return is compulsory?
Thanks in advance.
Ramesh