Case Law Details
Pr. CIT Vs Vernan Pvt. Trust (Bombay High Court)
Whether the Assessee is engaged in the business of buying and selling of shares or is a mere investor, would depend on the range of factors. In the present case, the Tribunal has noted the relevant facts and analyzed such facts in proper perspective. To reiterate, the shares in question were not purchased by the Trust at all. They were settled by the settler of the Trust. The Settler himself had not purchased the majority of these shares but had received by way of Employee Stock Option Plan. The shares so received, as well as small numbers of shares purchased by the settler, were held by himself for over two years before settling them in the Trust. No question of law therefore arises.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
Revenue is in Appeal against the Judgment of the Income Tax Appellate Tribunal (for short “the Tribunal”), dated 31st July, 2015. Following questions were presented for our consideration:
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