https://www.taxtmi.com/caselaws?id=238099 The ITAT allowed the assessee's appeals for assessment years 2007-08 and 2008-09, directing the AO to classify income from the sale of shares and mutual funds as capital gains. The ITAT emphasized consistency with previous judgments and treatment in earlier years, rejecting the revenue authorities' reclassification of the income as business income. The orders of the revenue authorities were set aside, maintaining the assessee's claim for both long-term and short-term capital gains on shares and mutual funds. en-us Wed, 12 Jun 2013 00:00:00 +0530 Tue, 15 Oct 2013 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238099 The ITAT allowed the assessee's appeals for assessment years 2007-08 and 2008-09, directing the AO to classify income from the sale of shares and mutual funds as capital gains. The ITAT emphasized consistency with previous judgments and treatment in earlier years, rejecting the revenue authorities' reclassification of the income as business income. The orders of the revenue authorities were set aside, maintaining the assessee's claim for both long-term and short-term capital gains on shares and mutual funds. Case-Laws Income Tax Wed, 12 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238099