Income from shares – whether capital gains or income from business or profession

Brief about the case The assessee was a medical practitioner with professional income and income from capital gains as returned income. The A.O. contended the income from capital gains to be the income from business or profession as he noticed that the professional receipts turned to be equivalent to merely 1/37th of the gains from share transactions. The assessee appealed to CIT(A) which decided in favour of the assessee stating that he had consistently been declaring income in past and future years under the head LTCG/ STCG and also consistently reflecting the impugned investments in the fin...