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2016 (9) TMI 252 - GUJARAT HIGH COURTProfits from sale of shares - 'business income' OR 'capital gain' - Tribunal held that the assessee lady was a dealer in shares and was not an investor in shares - Held that:- This Court is of the opinion the ITAT has committed serious error of law in holding that the assessee lady was a dealer in shares and was not an investor in shares. It is required to be noted that for the assessment year 1992-93 the department had accepted the status of the assessee to be an investor and purchasing the shares of six companies and selling the shares of three companies could not have converted the status of the assessee from investor into a dealer. - Decided in favour of assessee.
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