Bombay HC instructs Tribunal on share transaction profits classification The Bombay HC directed the Tribunal to classify profits from share transactions with borrowed funds as 'Short Term Capital Gain' for Assessment Years ...
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Bombay HC instructs Tribunal on share transaction profits classification
The Bombay HC directed the Tribunal to classify profits from share transactions with borrowed funds as 'Short Term Capital Gain' for Assessment Years 2007-08 and 2008-09. The appeals were admitted for consideration of substantial questions of law on this matter. The Registry was instructed to furnish the order copy to the Tribunal for necessary action.
The Bombay High Court heard an appeal regarding the classification of profit from share transactions as 'Short Term Capital Gain' or 'Business Income' for Assessment Years 2007-08 and 2008-09. The Tribunal was directed to treat the profit arising from frequent share transactions with borrowed funds as 'Short Term Capital Gain'. The appeals were admitted based on the substantial question of law related to this issue. The Registry was instructed to provide a copy of the order to the Tribunal for further proceedings.
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