https://www.taxtmi.com/caselaws?id=338759 The High Court of Bombay upheld the Income Tax Appellate Tribunal's decision to treat gains from shares and mutual funds as Long Term Capital Gains instead of business income for Assessment Year 2005-06. The Court emphasized the importance of factual findings in determining the nature of the taxpayer's activities and dismissed the Revenue's argument regarding borrowed funds and trading gains due to lack of evidence. The judgment reinforced the consistent treatment of income earned on investments as capital gains, affirming the Tribunal's decision without costs. en-us Tue, 24 Jan 2017 00:00:00 +0530 Fri, 10 Feb 2017 10:28:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338759 The High Court of Bombay upheld the Income Tax Appellate Tribunal's decision to treat gains from shares and mutual funds as Long Term Capital Gains instead of business income for Assessment Year 2005-06. The Court emphasized the importance of factual findings in determining the nature of the taxpayer's activities and dismissed the Revenue's argument regarding borrowed funds and trading gains due to lack of evidence. The judgment reinforced the consistent treatment of income earned on investments as capital gains, affirming the Tribunal's decision without costs. Case-Laws Income Tax Tue, 24 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338759