Trading in Shares/Mutual Funds is not ‘Business’ if Revenue treating same as Investment in Past Years

1. This is an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (Act) against the order dated 9th June, 2016 passed by the Income Tax Appellate Tribunal (ITAT) in ITA No. 1145/Del/2014 for the Assessment Year (AY) 2010-11. 2. The short question sought to be urged by the Revenue is whether the income of Rs. 55,80,788/- and Rs. 1,59,15,398/- from trading in shares/mutual funds should be treated as business income or capital gains? 3. The Court finds that the concurrent findings of both the Commissioner of Income Tax (Appeal) and the ITAT are that the consistent treatment of ...