https://www.taxtmi.com/caselaws?id=236895 The Tribunal held that the income from the sale and purchase of shares should be classified as business income due to the high frequency and volume of transactions, taxing the entire amount as such. The issue of set-off of business loss from Futures and Options was referred back to the AO for reconsideration. The claim of set-off of brought forward Long Term Capital Loss was dismissed. Valuation of closing stock and written-off shares was also referred back to the AO. The Tribunal directed verification of the rebate claim for Securities Transaction Tax paid and reconsideration of interest charges. The penalty initiation was deemed premature. en-us Fri, 14 Dec 2012 00:00:00 +0530 Thu, 12 Sep 2013 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236895 The Tribunal held that the income from the sale and purchase of shares should be classified as business income due to the high frequency and volume of transactions, taxing the entire amount as such. The issue of set-off of business loss from Futures and Options was referred back to the AO for reconsideration. The claim of set-off of brought forward Long Term Capital Loss was dismissed. Valuation of closing stock and written-off shares was also referred back to the AO. The Tribunal directed verification of the rebate claim for Securities Transaction Tax paid and reconsideration of interest charges. The penalty initiation was deemed premature. Case-Laws Income Tax Fri, 14 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236895