https://www.taxtmi.com/caselaws?id=238982 Short-term gains from shares allotted in initial public offers were treated as business income because the assessee applied for multiple allotments and sold the shares within a very brief period, often within 3 to 10 days and never beyond 30 days. The recurring quick turnover, frequency of transactions, and immediate sale after allotment showed a trading motive rather than investment intent. Maintaining the shares in an investment portfolio and prior-year treatment did not override the surrounding facts. The material therefore supported characterisation of the activity as share trading, not capital investment. en-us Wed, 02 Jan 2013 00:00:00 +0530 Fri, 01 Nov 2013 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238982 Short-term gains from shares allotted in initial public offers were treated as business income because the assessee applied for multiple allotments and sold the shares within a very brief period, often within 3 to 10 days and never beyond 30 days. The recurring quick turnover, frequency of transactions, and immediate sale after allotment showed a trading motive rather than investment intent. Maintaining the shares in an investment portfolio and prior-year treatment did not override the surrounding facts. The material therefore supported characterisation of the activity as share trading, not capital investment. Case-Laws Income Tax Wed, 02 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238982