Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
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The ITAT Indore addressed the issue of re-characterizing income from share trading as either short-term capital gain or business income. The tribunal found that the Assessing Officer's basis for treating the income as business income was meritless, as the frequency of transactions alone does not determine the intention behind the transactions. The tribunal upheld the CIT(A)'s decision to treat the income as short-term capital gain, emphasizing that the intention behind the transactions is crucial. Regarding the gain on the sale of land based on an unregistered agreement, the tribunal concluded that since both the assessee and the department agreed to pay tax on the transaction, the nature of income should be considered as long-term capital gain, not Income from Other Sources.
The ITAT Indore addressed the issue of re-characterizing income from share trading as either short-term capital gain or business income. The tribunal found that the Assessing Officer's basis for treating the income as business income was meritless, as the frequency of transactions alone does not determine the intention behind the transactions. The tribunal upheld the CIT(A)'s decision to treat the income as short-term capital gain, emphasizing that the intention behind the transactions is crucial. Regarding the gain on the sale of land based on an unregistered agreement, the tribunal concluded that since both the assessee and the department agreed to pay tax on the transaction, the nature of income should be considered as long-term capital gain, not Income from Other Sources.
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