https://www.taxtmi.com/caselaws?id=218294 Short-term capital gains from share transactions were examined against the test for classification as business income, with the record showing a limited number of scrips, low frequency, and separate investment and trading portfolios. The analysis also reflected the Board's circular recognising that an assessee may maintain two portfolios and the relevant administrative instruction on determining the character of share activity. Although the material suggested investor-like conduct, the linkage between share dealings, day trading, speculation, derivatives, and investment activity required fuller factual scrutiny. The issue was therefore remanded to the Assessing Officer for fresh examination, including consideration of the preceding years and the prescribed tests. en-us Fri, 08 Jun 2012 00:00:00 +0530 Fri, 09 Nov 2012 21:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218294 Short-term capital gains from share transactions were examined against the test for classification as business income, with the record showing a limited number of scrips, low frequency, and separate investment and trading portfolios. The analysis also reflected the Board's circular recognising that an assessee may maintain two portfolios and the relevant administrative instruction on determining the character of share activity. Although the material suggested investor-like conduct, the linkage between share dealings, day trading, speculation, derivatives, and investment activity required fuller factual scrutiny. The issue was therefore remanded to the Assessing Officer for fresh examination, including consideration of the preceding years and the prescribed tests. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218294