https://www.taxtmi.com/caselaws?id=327477 Profit from sale of shares and mutual funds was treated as capital gains rather than business income where the assessee reflected the shares as investments, the transactions were delivery-based, and the holdings were maintained for a fairly long period. Consistency with the treatment accepted by the Revenue in earlier years supported the same classification on identical facts, and the distinction between investment activity and trading activity in shares was reinforced by CBDT guidance and judicial precedent. The income was therefore assessable under the heads of short-term capital gain and long-term capital gain, not as business income. en-us Wed, 30 Mar 2016 00:00:00 +0530 Thu, 12 May 2016 01:20:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327477 Profit from sale of shares and mutual funds was treated as capital gains rather than business income where the assessee reflected the shares as investments, the transactions were delivery-based, and the holdings were maintained for a fairly long period. Consistency with the treatment accepted by the Revenue in earlier years supported the same classification on identical facts, and the distinction between investment activity and trading activity in shares was reinforced by CBDT guidance and judicial precedent. The income was therefore assessable under the heads of short-term capital gain and long-term capital gain, not as business income. Case-Laws Income Tax Wed, 30 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327477