2016 (10) TMI 1003 - HC - Income Tax

Appeal admitted on the following reframed substantial question of law Whether on the facts and circumstances of the case and in law, the Tribunal was justified in directing the AO to treat the profit arising on the frequent and voluminous transactions initiated with borrowed funds in shares as Short Term Capital Gain instead of Business Income ? .

Summary

The High Court of Bombay heard an appeal related to Assessment Year 2006-07. The appeal questioned whether profit from frequent share transactions with borrowed funds should be treated as 'Short Term Capital Gain' or 'Business Income'. The Registry was directed to provide a copy of the order to the Tribunal for reference in related proceedings.