2014 (5) TMI 142

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..... ls of the share transactions with respect to each transaction of the sale of shares claimed as an investment which yielded income by way of capital gain - apparently dividend income was returned to the tune of Rs.2,65,634/- which was also offered for taxation - CIT(A) analysed every transaction and treated the profit arising on account of sale within a month from the date of purchase as a business .....

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..... 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 upon his analysis of facts that the same was business income. The assessee?s appeal was accepted. The CIT (Appeals) n .....

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..... en 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 Development Co. Pvt. Ltd., (1971) 82 ITR 586), was satisfied so that the surplus assessed as business profit. The I .....

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