https://www.taxtmi.com/caselaws?id=6590 Income from sale of portfolio securities is classified on the facts, including transaction volume, frequency, manner of dealing, and whether the holdings are investment or stock-in-trade. On the stated facts, substantial and continuous trading, without evidence of a dividend-only investment purpose, led to characterization of the profits as business income. A trust claiming treaty relief must be a treaty resident only to the extent its income is subject to tax in the United States; because the applicant enjoyed U.S. exemption and the Indian securities income was not shown to be taxed there, treaty benefits were unavailable. The income was therefore taxable in India under domestic business-connection rules. en-us Wed, 14 Dec 2005 00:00:00 +0530 Thu, 15 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6590 Income from sale of portfolio securities is classified on the facts, including transaction volume, frequency, manner of dealing, and whether the holdings are investment or stock-in-trade. On the stated facts, substantial and continuous trading, without evidence of a dividend-only investment purpose, led to characterization of the profits as business income. A trust claiming treaty relief must be a treaty resident only to the extent its income is subject to tax in the United States; because the applicant enjoyed U.S. exemption and the Indian securities income was not shown to be taxed there, treaty benefits were unavailable. The income was therefore taxable in India under domestic business-connection rules. Case-Laws Income Tax Wed, 14 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6590