2014 (5) TMI 142

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..... dismissed. Facts are that for the AY 2006-07 the assessee had reported short-term and long-term capital gain. The assessee is engaged in the business of trading of educational books. The assessing officer noticed that the assessee was dealing in shares for the last 3-4 years and sold some of the shares the proceeds of which are to be treated as business income. The assessing officer concluded up .....

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..... fell into error in not applying the well settled tests to determine whether income is business income or one arisen on account of capital gain ? either long-term or short-term. Particular emphasis was given to the fact that the test of volume, frequency, continuity and regularity of the transactions in question in proportion to the total business, articulated in CIT vs. Associated Industrial Devel .....

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