https://www.taxtmi.com/caselaws?id=335395 The Income-tax Appellate Tribunal (ITAT) upheld the Commissioner of Income-tax (Appeals) [CIT(A)]'s decision, determining that income from the sale of shares should be treated as capital gains, except for gains from shares sold within 30 days, which should be classified as business income. The ITAT emphasized the assessee's consistent treatment of such income as capital gains since 1996-97, supported by the absence of a trading object clause in the memorandum and the use of surplus funds for investments. The ITAT dismissed the Revenue's appeal and the assessee's cross-objections. en-us Tue, 20 Sep 2016 00:00:00 +0530 Thu, 01 Dec 2016 13:31:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335395 The Income-tax Appellate Tribunal (ITAT) upheld the Commissioner of Income-tax (Appeals) [CIT(A)]'s decision, determining that income from the sale of shares should be treated as capital gains, except for gains from shares sold within 30 days, which should be classified as business income. The ITAT emphasized the assessee's consistent treatment of such income as capital gains since 1996-97, supported by the absence of a trading object clause in the memorandum and the use of surplus funds for investments. The ITAT dismissed the Revenue's appeal and the assessee's cross-objections. Case-Laws Income Tax Tue, 20 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335395