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Profit from share is assessable as business Income in case of short duration of holding of shares and lack of clarity in account books
Case Law Details
- Case Name
- Smt. Prem Jain Vs. ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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Smt. Prem Jain Vs. ITO (ITAT Delhi)
It is an undisputed fact that the Assessing Officer has not disbelieved the purchase and sale of shares on the basis of the various documents filed before him since ultimately he has treated the profit from sale of shares as short term capital gain. His grievance is that the assessee has manipulated the so-called shares and so-called transaction of shares of one private company is just to claim the deduction u/s 35 of the I.T. Act on the donation of Rs.31,00,000/-. The donation has also not been disbelieved. Under these circumstances, we have to consider as ...
