Share transactions with borrowed funds deemed 'Business Income' over 'Short Term Capital Gain' for 2006-07.

The High Court held that profit from share transactions with borrowed funds constituted 'Business Income' instead of 'Short Term Capital Gain' for the Assessment Year 2006-07. The Registry was instructed to furnish a copy of the order to the Tribunal for use in connected proceedings.

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The High Court of Bombay heard an appeal related to Assessment Year 2006-07. The appeal questioned whether profit from frequent share transactions with borrowed funds should be treated as 'Short Term Capital Gain' or 'Business Income'. The Registry was directed to provide a copy of the order to the Tribunal for reference in related proceedings.

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