2016 (11) TMI 1023 - HC - Income Tax

The appeal is admitted on the following reframed substantial question of law - i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing the Assessing Officer to treat the profit arising on the transactions carried out with borrowed funds as Short Term Capital Gain instead of Business Income ?

Summary

The High Court of Bombay heard an appeal related to Assessment Year 2005-06. The substantial question of law was whether profit from transactions with borrowed funds should be treated as Short Term Capital Gain or Business Income. The Registry was directed to communicate the order to the Tribunal for further proceedings.