https://www.taxtmi.com/caselaws?id=330489 The Court upheld the decision of the CIT (Appeals) to treat the profit from the sale of shares as long-term capital gains, emphasizing the lack of evidence to rebut the assessee's claim that the shares were held as investments and not stock-in-trade. The Court rejected the revenue's argument to categorize the income as business income, citing the consistent treatment of shares as investments, reflected in the balance sheet, and the existence of a lock-in period. Ultimately, the Court dismissed the appeal, finding no substantial question of law and referencing relevant legal precedents. en-us Thu, 16 Jun 2016 00:00:00 +0530 Thu, 17 Nov 2016 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330489 The Court upheld the decision of the CIT (Appeals) to treat the profit from the sale of shares as long-term capital gains, emphasizing the lack of evidence to rebut the assessee's claim that the shares were held as investments and not stock-in-trade. The Court rejected the revenue's argument to categorize the income as business income, citing the consistent treatment of shares as investments, reflected in the balance sheet, and the existence of a lock-in period. Ultimately, the Court dismissed the appeal, finding no substantial question of law and referencing relevant legal precedents. Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330489