https://www.taxtmi.com/caselaws?id=238306 Receipts from sale of shares and securities through discretionary portfolio management were assessable as capital gains, because the investments were made from corpus funds for investment purposes and not for speculative trading. The portfolio managers acted on a discretionary basis, the trust had no direct role in the timing or manner of trades, no borrowed funds were used, and the holdings were reflected at cost in the balance sheet. The volume and frequency of transactions, by themselves, were insufficient to convert the activity into business. The nature of the mandate and surrounding facts supported investment treatment rather than trading income. en-us Fri, 01 Feb 2013 00:00:00 +0530 Sun, 20 Oct 2013 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238306 Receipts from sale of shares and securities through discretionary portfolio management were assessable as capital gains, because the investments were made from corpus funds for investment purposes and not for speculative trading. The portfolio managers acted on a discretionary basis, the trust had no direct role in the timing or manner of trades, no borrowed funds were used, and the holdings were reflected at cost in the balance sheet. The volume and frequency of transactions, by themselves, were insufficient to convert the activity into business. The nature of the mandate and surrounding facts supported investment treatment rather than trading income. Case-Laws Income Tax Fri, 01 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238306