https://www.taxtmi.com/caselaws?id=247091 The court ruled in favor of the assessee, holding that gains from the sale of shares under Portfolio Management Schemes (PMS) should be classified as capital gains, not business income. The court emphasized the importance of evaluating the intention behind the transactions, considering the nature and frequency of transactions, and applying legal principles and precedents. The court found that the transactions were more aligned with investment rather than trading, overturning the Revenue's classification of the gains as business income. en-us Fri, 25 Apr 2014 00:00:00 +0530 Fri, 20 Feb 2015 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247091 The court ruled in favor of the assessee, holding that gains from the sale of shares under Portfolio Management Schemes (PMS) should be classified as capital gains, not business income. The court emphasized the importance of evaluating the intention behind the transactions, considering the nature and frequency of transactions, and applying legal principles and precedents. The court found that the transactions were more aligned with investment rather than trading, overturning the Revenue's classification of the gains as business income. Case-Laws Income Tax Fri, 25 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247091