Income from share transaction on daily basis is business Income

Smt. Anju Gaggar Vs. ACIT (ITAT Hyderabad) During the relevant financial year, there were repeated purchase of same scrip and sale thereof immediately, almost on daily basis to take advantage of the market fluctuations. Further that, records of the broker clearly revealed that she had no intention to make investments for long periods. Hence, income from the sale of shares was rightly treated as business income instead of capital gains. FULL TEXT OF THE ITAT JUDGMENT This is assessee’s appeal for the A.Y 2008-09. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-VI...