https://www.taxtmi.com/caselaws?id=373381 The High Court of Bombay dismissed the Income Tax appeals, upholding the decisions of the CIT(A) and the Tribunal. The court affirmed that the income from the sale of shares should not be taxed as business income as the assessee was not engaged in the business of buying and selling shares. Additionally, the court upheld the assessee's claim of exemption under Section 54F for the purchase of two flats, considering them as a single residential unit, thus denying the Revenue's argument against claiming exemption for both flats. en-us Mon, 07 Jan 2019 00:00:00 +0530 Fri, 11 Jan 2019 11:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373381 The High Court of Bombay dismissed the Income Tax appeals, upholding the decisions of the CIT(A) and the Tribunal. The court affirmed that the income from the sale of shares should not be taxed as business income as the assessee was not engaged in the business of buying and selling shares. Additionally, the court upheld the assessee's claim of exemption under Section 54F for the purchase of two flats, considering them as a single residential unit, thus denying the Revenue's argument against claiming exemption for both flats. Case-Laws Income Tax Mon, 07 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373381