https://www.taxtmi.com/caselaws?id=234747 Shares kept in a separate investment portfolio and reflected as investments in the balance sheet were treated as investment assets rather than trading stock. Because the transactions were largely delivery-based and the gains arose from shares held for more than five months, with long-term gains from holdings exceeding one year, the volume or frequency of transactions was not decisive by itself. The character of the income was determined by the intention at acquisition and the consistent treatment of the holdings. On that basis, the share profits were accepted as short-term capital gains and long-term capital gains, not business income. en-us Wed, 19 Jun 2013 00:00:00 +0530 Wed, 26 Jun 2013 08:06:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234747 Shares kept in a separate investment portfolio and reflected as investments in the balance sheet were treated as investment assets rather than trading stock. Because the transactions were largely delivery-based and the gains arose from shares held for more than five months, with long-term gains from holdings exceeding one year, the volume or frequency of transactions was not decisive by itself. The character of the income was determined by the intention at acquisition and the consistent treatment of the holdings. On that basis, the share profits were accepted as short-term capital gains and long-term capital gains, not business income. Case-Laws Income Tax Wed, 19 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234747