Profit from sale of shares is business income if assessee carries the activity in a systematic & organised manner: HC

Brief of the case In the case of Equity Intelligence India Pvt Ltd vs. Assistant  Commissioner Of Income Tax High Court of Kerala at Ernakulam has held that (1) for reopening u/s 147 of the IT Act The requirement that the Assessing Officer must have ‘reason to believe’ cannot be taken to mean that the Assessing Officer must be satisfied that there exists grounds for reopening the assessment or the Assessing Officer should have formed an opinion about the nature of the final order that is likely to be passed after reopening the assessment. (2) profit on sale of shares is to be trea...