https://www.taxtmi.com/caselaws?id=203191 ITAT Mumbai held that gains from the assessee's purchase and sale of shares are to be assessed as short-term capital gains and not as business income. The Tribunal noted that in all other years from AY 2003-04 to 2008-09, except the impugned AY 2006-07, the AO had consistently accepted similar gains as STCG. Applying the rule of consistency laid down by the jurisdictional HC in Gopal Purohit, ITAT set aside the order of CIT(A) and directed the AO to accept the STCG as declared. The assessee's appeal was allowed. en-us Wed, 27 Apr 2011 00:00:00 +0530 Thu, 27 Nov 2025 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203191 ITAT Mumbai held that gains from the assessee's purchase and sale of shares are to be assessed as short-term capital gains and not as business income. The Tribunal noted that in all other years from AY 2003-04 to 2008-09, except the impugned AY 2006-07, the AO had consistently accepted similar gains as STCG. Applying the rule of consistency laid down by the jurisdictional HC in Gopal Purohit, ITAT set aside the order of CIT(A) and directed the AO to accept the STCG as declared. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 27 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203191