Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (11) TMI 403 - ITAT MUMBAISale of Shares - Capital Gain OR Business Income - Held That:- Assessee passed a resolution to open DEMAT account, it also authorized its Director to deal in purchase and sale of shares moreover on 16.12.2004 the company passed resolution appointing HDFC Asset Management Company Ltd. as its portfolio manager to provide portfolio management and other services. All these indicate the intentions of company to trade in shares with a profit motive mere shares were shown under the head "investment" cannot alter the situation. Further, merely because the profit on sale of shares was accepted as "capital gain" in the preceding year will not entitle the assessee to claim it as "short term capital gain" during the impugned assessment year. - Decided in favor of revenue.
|