https://www.taxtmi.com/caselaws?id=360873 Income from sale of listed shares was held to be capital gain rather than business income because the assessee's declared treatment of the transaction was supported by the record, and the Revenue failed to prove that the trades were sham or bogus. The CBDT circular favouring acceptance of an assessee's capital-gain treatment for listed shares held beyond 12 months applied only where genuineness was not in doubt; it did not assist the Revenue because mere suspicion based on price movement and trading pattern was insufficient to displace the assessee's position. The assessee's treatment was therefore upheld. en-us Tue, 20 Mar 2018 00:00:00 +0530 Thu, 24 May 2018 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360873 Income from sale of listed shares was held to be capital gain rather than business income because the assessee's declared treatment of the transaction was supported by the record, and the Revenue failed to prove that the trades were sham or bogus. The CBDT circular favouring acceptance of an assessee's capital-gain treatment for listed shares held beyond 12 months applied only where genuineness was not in doubt; it did not assist the Revenue because mere suspicion based on price movement and trading pattern was insufficient to displace the assessee's position. The assessee's treatment was therefore upheld. Case-Laws Income Tax Tue, 20 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360873