https://www.taxtmi.com/caselaws?id=208149 The dominant issue was whether profits from sale of shares were assessable as business income or as short-term capital gains. Applying CBDT Circular No. 4/2007, the ITAT held that the assessee's maintained distinction between investment and trading portfolios, absence of borrowed funds, and identifiable sales from the investment portfolio evidenced an investor intention; mere frequency/volume and market volatility-based timing were not determinative. The ITAT further applied the principle of consistency, noting that in earlier scrutiny assessments the claim was accepted and there was no change in modus operandi, and the AO's acceptance of long-term capital gains supported investor status. The CIT(A)'s order treating the gains as capital gains was upheld and the Revenue's appeal was dismissed. en-us Wed, 24 Nov 2010 00:00:00 +0530 Fri, 19 Dec 2025 17:33:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208149 The dominant issue was whether profits from sale of shares were assessable as business income or as short-term capital gains. Applying CBDT Circular No. 4/2007, the ITAT held that the assessee's maintained distinction between investment and trading portfolios, absence of borrowed funds, and identifiable sales from the investment portfolio evidenced an investor intention; mere frequency/volume and market volatility-based timing were not determinative. The ITAT further applied the principle of consistency, noting that in earlier scrutiny assessments the claim was accepted and there was no change in modus operandi, and the AO's acceptance of long-term capital gains supported investor status. The CIT(A)'s order treating the gains as capital gains was upheld and the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 24 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208149