https://www.taxtmi.com/caselaws?id=202752 ITAT Mumbai held that profits arising from purchase and sale of shares in the case of the assessee are taxable as capital gains and not as business income. The Tribunal noted that the assessee consistently treated the shares as investments in its books, used only own funds, and did not engage in same-day squaring-up of transactions. The mere fact of dealing in 158 scrips and selling some shares within 30 days was held insufficient to treat the activity as trading. The assessee's appeal was allowed and the Revenue's appeal was dismissed. en-us Tue, 05 Apr 2011 00:00:00 +0530 Thu, 27 Nov 2025 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202752 ITAT Mumbai held that profits arising from purchase and sale of shares in the case of the assessee are taxable as capital gains and not as business income. The Tribunal noted that the assessee consistently treated the shares as investments in its books, used only own funds, and did not engage in same-day squaring-up of transactions. The mere fact of dealing in 158 scrips and selling some shares within 30 days was held insufficient to treat the activity as trading. The assessee's appeal was allowed and the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 05 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202752