https://www.taxtmi.com/caselaws?id=220207 The High Court of Allahabad upheld the decision in favor of the assessee, a share broker, regarding the treatment of profit on the sale of shares as capital gains instead of income from business. The Court emphasized the importance of maintaining separate accounts for trading and investments, which the assessee had done consistently. The Court found the Assessing Officer's insistence on treating the gains as business income unjustified and supported the lower authorities' decision to treat the gains as capital gains based on established legal principles and consistent accounting practices. en-us Tue, 08 Jan 2013 00:00:00 +0530 Tue, 15 Jan 2013 07:17:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220207 The High Court of Allahabad upheld the decision in favor of the assessee, a share broker, regarding the treatment of profit on the sale of shares as capital gains instead of income from business. The Court emphasized the importance of maintaining separate accounts for trading and investments, which the assessee had done consistently. The Court found the Assessing Officer's insistence on treating the gains as business income unjustified and supported the lower authorities' decision to treat the gains as capital gains based on established legal principles and consistent accounting practices. Case-Laws Income Tax Tue, 08 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220207