https://www.taxtmi.com/caselaws?id=360531 CBDT Circular No. 6 of 2016 was applied to accept an assessee's declared treatment of listed share-sale income as capital gains where the genuineness of the transactions was not shown to be doubtful. The circular's exception for bogus or sham transactions did not apply because the Revenue relied mainly on suspicion, price movement and trading patterns, without establishing that the transactions were fake. On that basis, the share-sale income was to be treated as capital gains rather than business income, and the Revenue's challenge failed. en-us Mon, 19 Mar 2018 00:00:00 +0530 Fri, 18 May 2018 09:55:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360531 CBDT Circular No. 6 of 2016 was applied to accept an assessee's declared treatment of listed share-sale income as capital gains where the genuineness of the transactions was not shown to be doubtful. The circular's exception for bogus or sham transactions did not apply because the Revenue relied mainly on suspicion, price movement and trading patterns, without establishing that the transactions were fake. On that basis, the share-sale income was to be treated as capital gains rather than business income, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360531