whether capital gain or business income

[mahesh mundhra]

my  client have income from few trans actions of shares and thereby gained some profits all along he has shown this income as income from capital gain this year ito wanted to consider this income from business instead of capital gain my question is do we have any supporting judgement which can give relief as counter department logic

AI Summary

Capital gains classification of share profits upheld where shares are capital assets, not stock-in-trade, and few transactions indicate investment.
Where shares constitute a capital asset rather than stock-in-trade, proceeds on transfer are treated as capital gains. Frequency and volume of transactions, historical treatment as investments, and absence of sustained trading support capital gains treatment. Acquisition with borrowed funds does not automatically convert investment into trading; gains remain capital gains when shares retain capital asset character.