https://www.taxtmi.com/caselaws?id=186634 The case involved determining whether income from the sale of shares should be classified as capital gains or business income. The assessee argued for capital gains treatment, emphasizing the intention to hold shares as investments. The CIT(A) ruled in favor of the assessee, citing ITAT Mumbai precedents. The ITAT upheld the decision, allowing set off of capital losses. The judgment underscores the significance of the assessee's intention in holding shares and the importance of consistency in treatment of such transactions. The distinction between capital gains and business income is clarified based on the assessee's intention, as supported by ITAT Mumbai precedents. en-us Tue, 30 Mar 2010 00:00:00 +0530 Sat, 24 Sep 2016 12:53:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186634 The case involved determining whether income from the sale of shares should be classified as capital gains or business income. The assessee argued for capital gains treatment, emphasizing the intention to hold shares as investments. The CIT(A) ruled in favor of the assessee, citing ITAT Mumbai precedents. The ITAT upheld the decision, allowing set off of capital losses. The judgment underscores the significance of the assessee's intention in holding shares and the importance of consistency in treatment of such transactions. The distinction between capital gains and business income is clarified based on the assessee's intention, as supported by ITAT Mumbai precedents. Case-Laws Income Tax Tue, 30 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186634