https://www.taxtmi.com/caselaws?id=15359 The High Court dismissed the Revenue's appeal and upheld the Income-tax Appellate Tribunal's decision to treat the profit from the sale of shares by the assessee as capital gains instead of business income. The Court agreed with the Tribunal's findings that the shares were held as personal investments and not converted into stock-in-trade, as evidenced by the assessee's treatment in wealth-tax returns. Consequently, the assessee was granted relief under section 54F of the Income-tax Act, and the Revenue's argument that all shares should be considered stock-in-trade due to the assessee being a share broker was rejected. en-us Fri, 06 Aug 1999 00:00:00 +0530 Thu, 06 Aug 2009 10:58:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15359 The High Court dismissed the Revenue's appeal and upheld the Income-tax Appellate Tribunal's decision to treat the profit from the sale of shares by the assessee as capital gains instead of business income. The Court agreed with the Tribunal's findings that the shares were held as personal investments and not converted into stock-in-trade, as evidenced by the assessee's treatment in wealth-tax returns. Consequently, the assessee was granted relief under section 54F of the Income-tax Act, and the Revenue's argument that all shares should be considered stock-in-trade due to the assessee being a share broker was rejected. Case-Laws Income Tax Fri, 06 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15359