https://www.taxtmi.com/caselaws?id=236241 The ITAT overturned the CIT (A)'s decision and ruled that income from share transactions should be classified as Long Term Capital Gains and Short Term Capital Gains, not business income. The tribunal emphasized the consistent treatment of shares in previous assessments, the absence of intra-day transactions, and the holding periods of the shares as crucial factors. The judgment highlighted the importance of accounting practices and investment nature in determining tax categorization, ultimately allowing the appeal and categorizing the income from share sales as capital gains. en-us Fri, 27 Jul 2012 00:00:00 +0530 Mon, 19 Aug 2013 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236241 The ITAT overturned the CIT (A)'s decision and ruled that income from share transactions should be classified as Long Term Capital Gains and Short Term Capital Gains, not business income. The tribunal emphasized the consistent treatment of shares in previous assessments, the absence of intra-day transactions, and the holding periods of the shares as crucial factors. The judgment highlighted the importance of accounting practices and investment nature in determining tax categorization, ultimately allowing the appeal and categorizing the income from share sales as capital gains. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236241