https://www.taxtmi.com/caselaws?id=327219 Surplus from shares and mutual fund units managed through a portfolio management service is taxable as capital gains where the assets are held as investments and the taxpayer lacks trading infrastructure. Professional management and substantial transactions do not, by themselves, convert investment activity into a business. Borrowed funds do not automatically preclude capital-gains treatment, and the CBDT circular supports assessing the nature of holding and investment intention. Accordingly, the receipts were rightly assessed as capital gains rather than business income. en-us Fri, 29 Apr 2016 00:00:00 +0530 Thu, 05 May 2016 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327219 Surplus from shares and mutual fund units managed through a portfolio management service is taxable as capital gains where the assets are held as investments and the taxpayer lacks trading infrastructure. Professional management and substantial transactions do not, by themselves, convert investment activity into a business. Borrowed funds do not automatically preclude capital-gains treatment, and the CBDT circular supports assessing the nature of holding and investment intention. Accordingly, the receipts were rightly assessed as capital gains rather than business income. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327219