Single Purchase & sale Transaction of shares cannot be treated as Business Activity

Sak Industries Pvt. Ltd. Vs DCIT (ITAT Chennai) We find that the assessee has purchased 1,25,000/- equity shares of ING Vysya Bank during the month of January and February, 2009 and subsequently during the month of September, 2009 all the shares are sold. The assessee also shows the above transaction in its books of accounts as an investment. The A.O is of the opinion that the holding period is only seven months therefore, it has to be treated as a business income and the same view has been confirmed by the Ld. CIT(A). Further, we find that the assessee has purchased equity shares of ING Vysya...