https://www.taxtmi.com/caselaws?id=205284 The Tribunal upheld the decision that the income from the sale of shares should be classified as short-term capital gains, not business income. It found that the assessee's intention was investment, supported by consistent treatment of shares as investments in its books. Despite a high volume of transactions, the Tribunal emphasized the importance of intention at the time of purchase and concluded that the Revenue's claims of trading activities were unfounded. The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s order. en-us Mon, 18 Oct 2010 00:00:00 +0530 Mon, 05 Sep 2011 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205284 The Tribunal upheld the decision that the income from the sale of shares should be classified as short-term capital gains, not business income. It found that the assessee's intention was investment, supported by consistent treatment of shares as investments in its books. Despite a high volume of transactions, the Tribunal emphasized the importance of intention at the time of purchase and concluded that the Revenue's claims of trading activities were unfounded. The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s order. Case-Laws Income Tax Mon, 18 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205284