https://www.taxtmi.com/caselaws?id=330218 Surplus from purchase and sale of shares is characterised by the assessee's intention at acquisition and the surrounding facts, not merely by the volume of transactions. Where shares are disclosed as investments in the balance sheet, valued at cost, and derivative profits are separately recorded, the investment character is supported. CBDT Circular No. 4/2007 and Circular No. 6/2016 recognise that shares may be held either as capital assets or stock-in-trade, and the Assessing Officer should generally respect the declared treatment when facts align. Consistent acceptance in earlier years also supports the same classification absent any change in facts or law. On these facts, the surplus was assessable as short-term capital gains, not business income. en-us Thu, 07 Jul 2016 00:00:00 +0530 Wed, 20 Jul 2016 13:29:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330218 Surplus from purchase and sale of shares is characterised by the assessee's intention at acquisition and the surrounding facts, not merely by the volume of transactions. Where shares are disclosed as investments in the balance sheet, valued at cost, and derivative profits are separately recorded, the investment character is supported. CBDT Circular No. 4/2007 and Circular No. 6/2016 recognise that shares may be held either as capital assets or stock-in-trade, and the Assessing Officer should generally respect the declared treatment when facts align. Consistent acceptance in earlier years also supports the same classification absent any change in facts or law. On these facts, the surplus was assessable as short-term capital gains, not business income. Case-Laws Income Tax Thu, 07 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330218