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If intention for trade in share is earning quick Profit by frequent trading, such profit taxable as business income
Case Law Details
- Case Name
- Deputy Commissioner of Income-tax Vs Mukeshbhai Babulal Shah (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Rajkot
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ITAT RAJKOT BENCH
Deputy Commissioner of Income-tax
Versus
Mukeshbhai Babulal Shah
IT Appeal No. 318 (Rajkot) of 2011
[ASSESSMENT YEAR 2008-09]
FEBRUARY 8, 2013
ORDER
D.K. Srivastava, Accountant Member
The appeal filed by the Revenue is directed against the order passed by the CIT(A) on 14-06-2011, on the following grounds:-
1. The Ld. CIT(A) erred in law and on facts in deleting the addition of Rs.86,87,101/- made by the AO, treating the income disclosed under the head Short Term Capital Gain as Business income, without properly appreciating the facts of the case and th...
I for Year ended on 31.3.14 have.. Rs.31000.00 Short term capital loss,
2>Rs. 340000 from share Buyback of listed Company and
3.Loss from equity Derivative RS.5,50,0000.00
4.other source Insurance and Mutual fund Commission Rs.74000.00
Expences 35000.0
have 80C investment of Rs.1,00,000.00
Please confirm,if I will file as per last date of 31.7.14 what will be status of ITR? What will go under what head and can i get carry forward loss of Derivative income as business income to next Years and what ITR form i had to use,,please do suggest