Mere Frequency of transactions in shares did not determine nature of transaction

Brief of the case: ITAT held in CIT( Kolkatta) Vs Merlin Holding Private Limited that it was the question of the fact to decide between the share income as an investment income or as a business income. Mere Frequency of the transactions in the shares did not determine the transaction to be business transaction or investment transaction. Moreover if the Hon’ble tribunal had given its judgment then the same could not be change until and unless it was perverse judgment. Facts of the case: Assessee was certified Non-banking financial concern. Its main activity was giving and accepting of loan an...