Case Law Details
Case Name : Shantilal M. Jain Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2006-07
Courts :
All ITAT ITAT Mumbai
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Shantilal M. Jain vs. ACIT (ITAT Mumbai)-Though it is the case of the revenue that due to volume, magnitude, frequency, continuity, regularity, the ratio between purchase and sale clearly indicate that income on account of purchase and sale of shares should be treated as income from business and not as income from STCG, the AO has, from AY 2003-04 to 2008-09 (except for the impugned year 2006-07), consistently accepted the income as being STCG. In these circumstances, the Rule of consistency as propounded by the Bombay High Court in Please become a Premium member. If you are already a Premium member, login here to access the full content.
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