Income from shares transaction is capital income and not depends on frequency, magnitude of transaction

Shri Ashokkumar Khimraj Vs ITO (ITAT Ahmedabad) Conclusion: Income from purchase and sale of shares was liable to be taxed under the capital gain instead of income under the head business and profession as the frequency, magnitude of transaction in a systematic manner could not be the criteria to hold that assessee was engaged in the business activity of shares. Held: Assessee had done transactions of purchase and sale of shares which were very frequent and period of holding of these shares was also very less. AO held that assessee had been carrying on a business of sale and purchase of shares...