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2011 (9) TMI 744 - BOMBAY HIGH COURTCapital gain vs. business income - assessee had sold certain shares held as investments and gains arising on account of sale of these shares were offered as long term capital gains/short term capital gains, as the case may be - in the case of Commissioner of Income Tax V/s. Gopal Purohit (2010 (1) TMI 7 - ITAT BOMBAY-G) has held that it is open to an assessee to trade in the shares and also to invest in shares and wherever, the shares are held as investment, then the income arising on sale of those shares are liable to be assessed as long term/short term capital gains - Decided in favor of the assessee
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