https://www.taxtmi.com/caselaws?id=151460 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, overturning the decision to classify short-term and long-term capital gains in shares and securities as business income. The Tribunal noted the assessee's consistent practice of distinguishing between profits from trading and investments, supported by historical accounts. It concluded that the gains should be treated as short-term or long-term capital gains, rather than business income, due to the nature of transactions and cessation of trading activities during the relevant year. The Assessing Officer was directed to accept the capital gains based on the appropriate classification. en-us Thu, 14 Jan 2010 00:00:00 +0530 Tue, 22 Aug 2023 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151460 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, overturning the decision to classify short-term and long-term capital gains in shares and securities as business income. The Tribunal noted the assessee's consistent practice of distinguishing between profits from trading and investments, supported by historical accounts. It concluded that the gains should be treated as short-term or long-term capital gains, rather than business income, due to the nature of transactions and cessation of trading activities during the relevant year. The Assessing Officer was directed to accept the capital gains based on the appropriate classification. Case-Laws Income Tax Thu, 14 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151460