Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
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Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently investment in shares - The High Court remitted the matter back to the Tribunal to consider the nature of the transaction concerning the sale and purchase of shares and the treatment of legal expenses afresh. - The Tribunal considered various tests laid down by the High Court and other judgments to determine the nature of the transaction. It found that the appellant had purchased shares with the intention of being an investor and held them as investments, thus treating the gains as capital gains.
Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently investment in shares - The High Court remitted the matter back to the Tribunal to consider the nature of the transaction concerning the sale and purchase of shares and the treatment of legal expenses afresh. - The Tribunal considered various tests laid down by the High Court and other judgments to determine the nature of the transaction. It found that the appellant had purchased shares with the intention of being an investor and held them as investments, thus treating the gains as capital gains.
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