Shares can be hold as both investment and stock-in-trade

Dipakbhai Harishchandra Shah Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that as per CBDT circular no.4/2007 dated 15.6.2007 and 6/2016 dated 29-2-2016, person can hold shares as both investment and stock-in-trade. Accordingly, income will be taxable based on the type in which share is hold. Facts- During the assessment proceedings, AO noted that the assessee has shown LTCG on sale of shares amounting to Rs. 1,32,859/-. He further noted that the assessee had been reflecting share transaction both as business and as LTCG. Rejecting these two stands taken by the assessee, he brought long term ca...