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TMI Blogwhether capital gain or business incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... my client have income from few trans actions of shares and thereby gained some profits all along he has shown this income as income from capital gain this year ito wanted to consider this income from business instead of capital gain my question is do we have any supporting judgement which can give relief as counter department logic - Reply By DEV KUMAR KOTHARI - The Reply = When shares held are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'capital asset' ( not stock-in-trade) the income on transfer will fall u/h 'capital gains'. Furthermore when transactions are few and not voluminous, and in past admittedly activity is considered as investment activity, and gains on transfer are assessed as capital gains, then there is no question of treating income on transfer of shares, held as investment, as business income. You may refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to judgment of Bombay HC in case of Gopal Purohit, Calcutta HC in case of Bhagawati Pd. Agarwal, and a recent judgment of Gujrat HC in which it has been held that even if investment is made out of borrowed funds, gains will be capital gains when shares transferred are capital asset of assessee. You may also refer to some of my articles on this website to make out case by raising various conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions. - whether capital gain or business income - Query Started By: - mahesh mundhra Dated:- 27-11-2010 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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