Income from Share cannot be treated as Business merely for Frequent Transactions

DPJ Viniyog Pvt. Ltd. Vs DCIT (ITAT Kolkata) Assessing Officer treated the income on account of purchase and of shares under the head ‘business income’ instead of under the head ‘capital gain’ as claimed by the assessee. On Appeal CIT(A) held that assessee is making purchase and sale on a continuous basis and besides being regular and systematic, he can be said to be engaged in business activity and, therefore, assessee’s incomes should be assessable under the head ‘business income’. Held by ITAT We note that assessee is having only one portfolio that is of investment and is cons...