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Units of mutual funds are not generally trading instrument – ITAT Mumbai
Case Law Details
- Case Name
- Shri Dev Ashok Karvat Vs. DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006- 07
- Courts
- ITAT Mumbai
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Shri Dev Ashok Karvat Vs. DCIT (ITAT Mumbai)- In Mr. Chetan R.Parikh V/s ITO in ITA No. 1569/Mum/2010 (AY: 2006- 07) dated 25.05.2011, it has been held by the Tribunal that the units of mutual funds are not generally a trading instrument because of comparatively low fluctuation and number of transactions in units are also not large.
Therefore in our view the purchase and sale of units has to be considered as investment activity. Applying the ratio of the above decisions to the facts of the present case it becomes abundantly clear that the transactions in the shares and mutua...
