https://www.taxtmi.com/caselaws?id=333402 Profit from sale of listed shares routed through a portfolio manager was held to be assessable as short-term capital gain, not business income. The analysis applied CBDT Circular No. 6/2016, which recognises an assessee's choice to treat listed shares and securities as investment or stock-in-trade. On the facts, the use of surplus own funds and investment through a portfolio arrangement did not by itself show an adventure in the nature of trade. The transactions had to be tested holistically on conduct and surrounding circumstances, rather than solely on purchase-sale activity or the extent of discretion given to the portfolio manager. en-us Fri, 26 Aug 2016 00:00:00 +0530 Thu, 13 Oct 2016 09:42:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333402 Profit from sale of listed shares routed through a portfolio manager was held to be assessable as short-term capital gain, not business income. The analysis applied CBDT Circular No. 6/2016, which recognises an assessee's choice to treat listed shares and securities as investment or stock-in-trade. On the facts, the use of surplus own funds and investment through a portfolio arrangement did not by itself show an adventure in the nature of trade. The transactions had to be tested holistically on conduct and surrounding circumstances, rather than solely on purchase-sale activity or the extent of discretion given to the portfolio manager. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333402