https://www.taxtmi.com/caselaws?id=271060 The Tribunal ruled in favor of the assessee, determining that short term capital gains should be assessed under the head Capital gains rather than Business income. The Tribunal considered various factors such as intention at purchase, funding, holding period, and other activities. The assessing officer's decision to assess long term capital gains as Business income was also overturned, with the Tribunal finding it incorrect based on the assessee's profession, funding sources, and share activities. The cancellation of penalty for AY 2007-08 was upheld due to the favorable assessment outcomes for the assessee. All appeals by the assessee were allowed, while those by the revenue were dismissed. en-us Wed, 04 Nov 2015 00:00:00 +0530 Mon, 25 Jan 2016 09:05:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271060 The Tribunal ruled in favor of the assessee, determining that short term capital gains should be assessed under the head Capital gains rather than Business income. The Tribunal considered various factors such as intention at purchase, funding, holding period, and other activities. The assessing officer's decision to assess long term capital gains as Business income was also overturned, with the Tribunal finding it incorrect based on the assessee's profession, funding sources, and share activities. The cancellation of penalty for AY 2007-08 was upheld due to the favorable assessment outcomes for the assessee. All appeals by the assessee were allowed, while those by the revenue were dismissed. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271060