Income from Sale of Shares treated as Business Income as Assessee himself treated the same as Business Income in earlier & Subsequent years

Mangesh Krishnath Ekbote Vs DCIT (ITAT Pune) Assessee had shown shares as `Investment’ in its balance sheet as at the end of the year with a nominal balance. The shares purchased and sold during the year indicate that these were held for a very short time before their sale. On a pertinent query, the ld. AR admitted that income from sale and purchase of shares was treated as ‘Business income’ by the assessee in the immediately preceding assessment year. The ld. CIT(A) has also recorded that the assessee offered such income ‘Business income’ in the subsequent year as well, which fact h...