https://www.taxtmi.com/caselaws?id=189054 The revenue's appeal challenging the classification of surplus from the sale of mutual fund units as "capital gains" instead of "business income" was successful. The Tribunal found that the substantial activity in the sale/redemption of units and the lack of evidence supporting the claim that units were held as investments justified treating the surplus as business income. The order of the CIT(A) was reversed, and the assessment of the surplus as business income was restored. The matter of granting credit for Security Transaction Tax (STT) paid was remanded to the Assessing Officer for appropriate deduction in accordance with the law. en-us Wed, 31 Mar 2010 00:00:00 +0530 Tue, 27 Dec 2016 10:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189054 The revenue's appeal challenging the classification of surplus from the sale of mutual fund units as "capital gains" instead of "business income" was successful. The Tribunal found that the substantial activity in the sale/redemption of units and the lack of evidence supporting the claim that units were held as investments justified treating the surplus as business income. The order of the CIT(A) was reversed, and the assessment of the surplus as business income was restored. The matter of granting credit for Security Transaction Tax (STT) paid was remanded to the Assessing Officer for appropriate deduction in accordance with the law. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189054