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of <h1>Bombay HC instructs Tribunal on share transaction profits classification</h1> <h3>Commissioner of Income Tax 15 Versus Hardik Bharat Patel</h3> The Bombay HC directed the Tribunal to classify profits from share transactions with borrowed funds as 'Short Term Capital Gain' for Assessment Years ... Appeals are admitted on the following identical substantial question of law :“ (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing the AO to treat the profit arising on the frequent and voluminous transactions initiated with borrowed funds in shares as 'Short Term Capital Gain' instead of 'Business Income'?” 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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