Profit on frequent purchase and sale of shares in short period by assessee has to be treated as `income from business’

DECIDED BY: ITAT `H’ BENCH, MUMBAI, IN THE CASE OF: Harsha N. Mehta Vs. DCIT, APPEAL NO: ITA NO. 1859/Mum/2009, DECIDED ON July 16, 2010 _________ORDER________ PER R.K. PANDA, AM: These are cross appeals, the first one filed by the assessee and the second one filed by the Revenue and are directed against the order dated 19th January, 2009 of the CIT(A)-XIX, Mumbai relating to assessment year 2005-06. For the sake of convenience, both the appeals were heard together and are being disposed of by this common order. 2. Facts of the case, in brief, are that the assessee earne...