High Court classifies portfolio management scheme income as capital gains, not business profit.

The High Court of Bombay determined that income earned through a portfolio management scheme should be classified as "capital gains" rather than "profit & gains of business or profession."

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The High Court of Bombay heard a case regarding the classification of income earned through a portfolio management scheme. The court admitted the case based on the question of whether the income should be assessed as "capital gains" or "profit & gains of business or profession." Mr. Mistri waived service for the respondent.

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