https://www.taxtmi.com/caselaws?id=337696 The ITAT Kolkata held that the income from sale and purchase of shares by the HUF was rightly classified as capital gains, not business income, since the securities were consistently treated as investments in the books of accounts and the assessee had no expertise in share trading. The AO's reclassification based solely on frequency and magnitude of transactions was rejected. The tribunal also reversed the lower authorities' finding of income from undisclosed sources, finding no fault with the assessee. Additionally, the disallowance of dividend income from an investment in UTI Master Value Fund was set aside, as the dividend was duly credited to the assessee's bank account and no contrary evidence was presented by the Revenue. All grounds of appeal by the assessee were allowed. en-us Wed, 11 Jan 2017 00:00:00 +0530 Wed, 23 Jul 2025 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337696 The ITAT Kolkata held that the income from sale and purchase of shares by the HUF was rightly classified as capital gains, not business income, since the securities were consistently treated as investments in the books of accounts and the assessee had no expertise in share trading. The AO's reclassification based solely on frequency and magnitude of transactions was rejected. The tribunal also reversed the lower authorities' finding of income from undisclosed sources, finding no fault with the assessee. Additionally, the disallowance of dividend income from an investment in UTI Master Value Fund was set aside, as the dividend was duly credited to the assessee's bank account and no contrary evidence was presented by the Revenue. All grounds of appeal by the assessee were allowed. Case-Laws Income Tax Wed, 11 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337696