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of <h1>Bombay High Court: Borrowed fund profits taxed as business income, not capital gain</h1> <h3>Commissioner of Income Tax-4 Versus Shri Upendra K. Doshi</h3> The High Court of Bombay held that profit from transactions with borrowed funds should be treated as Business Income, not Short Term Capital Gain, for ... The appeal is admitted on the following reframed 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 Assessing Officer to treat the profit arising on the transactions carried out with borrowed funds as “Short Term Capital Gain” instead of “Business Income” ? The High Court of Bombay heard an appeal related to Assessment Year 2005-06. The substantial question of law was whether profit from transactions with borrowed funds should be treated as Short Term Capital Gain or Business Income. The Registry was directed to communicate the order to the Tribunal for further proceedings.
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