https://www.taxtmi.com/caselaws?id=184948 Shares were treated as investment assets rather than trading stock because the assessee consistently reflected them in the balance sheet as investments and not as stock-in-trade. The facts were found to be the same as in the immediately preceding assessment year, where the same treatment had been accepted, and the Revenue brought no distinguishing feature on record. Applying the rule of consistency, the holdings were accepted as investment in nature. The gains on sale of shares were therefore assessable as short-term capital gains and not as business income. en-us Wed, 18 Apr 2012 00:00:00 +0530 Tue, 26 Jul 2016 10:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184948 Shares were treated as investment assets rather than trading stock because the assessee consistently reflected them in the balance sheet as investments and not as stock-in-trade. The facts were found to be the same as in the immediately preceding assessment year, where the same treatment had been accepted, and the Revenue brought no distinguishing feature on record. Applying the rule of consistency, the holdings were accepted as investment in nature. The gains on sale of shares were therefore assessable as short-term capital gains and not as business income. Case-Laws Income Tax Wed, 18 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184948