https://www.taxtmi.com/caselaws?id=247215 The court determined that the income from the sale of shares should be classified as capital gains for the assessment year 2006-07. The assessee's treatment of profits from shares sold within a month as business income and the rest as capital gains was upheld by the ITAT. The court emphasized the significance of the volume, frequency, continuity, and regularity of transactions in relation to the total business. The court found that the assessee's capital gains were related to shares held as investments, as evidenced by the audited balance sheet, and dismissed the appeal, highlighting the importance of applying established tests to differentiate between business income and capital gains. en-us Tue, 01 Apr 2014 00:00:00 +0530 Tue, 06 May 2014 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247215 The court determined that the income from the sale of shares should be classified as capital gains for the assessment year 2006-07. The assessee's treatment of profits from shares sold within a month as business income and the rest as capital gains was upheld by the ITAT. The court emphasized the significance of the volume, frequency, continuity, and regularity of transactions in relation to the total business. The court found that the assessee's capital gains were related to shares held as investments, as evidenced by the audited balance sheet, and dismissed the appeal, highlighting the importance of applying established tests to differentiate between business income and capital gains. Case-Laws Income Tax Tue, 01 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247215