Though main object is to do business in shares, shares can be held as a capital asset

Court : Delhi High Court Citation : CIT, New Delhi Vs M/s PNB Finance & Industries Ltd (Dated: October 20, 2010) Brief : Whether, only because the assessee can deal in shares as per the memorandum of objects, any transactions undertaken by the assessee for sale or purchase of shares, in the earlier years is to be treated as business transaction, and the gains and loss resulting from the same to be assessed under the head business income and not capital gains. – Revenue’s appeal dismissed. It was held (i) There is no presumption that every acquisition by a dealer in a particular com...