https://www.taxtmi.com/caselaws?id=221651 The High Court of Bombay upheld the Tribunal's decision to classify the profit on the sale of shares as long-term capital gains instead of business income. The Court emphasized the non-tradability of the shares in the market and the nature of the funds used, supporting the classification based on factual findings. The appellant's challenge regarding exemption under section 47(v) was rendered moot by the capital gains classification. The appeal was dismissed without costs, affirming the Tribunal's decision. en-us Mon, 04 Mar 2013 00:00:00 +0530 Fri, 22 Mar 2013 18:05:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221651 The High Court of Bombay upheld the Tribunal's decision to classify the profit on the sale of shares as long-term capital gains instead of business income. The Court emphasized the non-tradability of the shares in the market and the nature of the funds used, supporting the classification based on factual findings. The appellant's challenge regarding exemption under section 47(v) was rendered moot by the capital gains classification. The appeal was dismissed without costs, affirming the Tribunal's decision. Case-Laws Income Tax Mon, 04 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221651