https://www.taxtmi.com/caselaws?id=218209 Separate investment and trading portfolios, maintained through distinct demat, bank and accounting records, supported treatment of share sale proceeds as capital gains rather than business income. The Tribunal applied the CBDT guidance that a taxpayer may hold two portfolios and that no single factor is conclusive; the totality of circumstances must be examined. As the investment transactions were separately identifiable and no intermingling was shown, the adverse view based on conjecture was not sustained. The long-term capital gain on VRL shares was also not recharacterised as short-term capital gain because allotment evidence showed a holding period exceeding twelve months. The carry-forward of speculation loss was left undisturbed. en-us Fri, 20 Jul 2012 00:00:00 +0530 Tue, 05 Apr 2016 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218209 Separate investment and trading portfolios, maintained through distinct demat, bank and accounting records, supported treatment of share sale proceeds as capital gains rather than business income. The Tribunal applied the CBDT guidance that a taxpayer may hold two portfolios and that no single factor is conclusive; the totality of circumstances must be examined. As the investment transactions were separately identifiable and no intermingling was shown, the adverse view based on conjecture was not sustained. The long-term capital gain on VRL shares was also not recharacterised as short-term capital gain because allotment evidence showed a holding period exceeding twelve months. The carry-forward of speculation loss was left undisturbed. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218209