https://www.taxtmi.com/caselaws?id=220971 The BOMBAY HIGH COURT addressed the classification of income from the sale of shares initially held as stock-in-trade and later converted into investments. The court held that once shares are treated as investments, gains from their sale should be assessed as capital gains, even if the assessee was previously trading in shares. The decision emphasized the importance of how shares are classified in the books of accounts and the acceptance of conversion by tax authorities. The court affirmed the Tribunal's decision, stating no question of law arose for consideration, providing clarity on the tax treatment of gains from the sale of shares in different holding capacities. en-us Mon, 28 Jan 2013 00:00:00 +0530 Tue, 04 Feb 2014 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220971 The BOMBAY HIGH COURT addressed the classification of income from the sale of shares initially held as stock-in-trade and later converted into investments. The court held that once shares are treated as investments, gains from their sale should be assessed as capital gains, even if the assessee was previously trading in shares. The decision emphasized the importance of how shares are classified in the books of accounts and the acceptance of conversion by tax authorities. The court affirmed the Tribunal's decision, stating no question of law arose for consideration, providing clarity on the tax treatment of gains from the sale of shares in different holding capacities. Case-Laws Income Tax Mon, 28 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220971