https://www.taxtmi.com/caselaws?id=278403 The appeal was allowed for statistical purposes, and the matter was remanded to the file of the Assessing Officer for fresh adjudication in accordance with the Circular and the principles outlined in the judgment. The Tribunal emphasized the significance of honoring the books of account and the entries related to shares, stating that unless conditions like bogus claims or sham transactions are involved, the head of income cannot be changed arbitrarily. The Tribunal highlighted that if the assessee treats certain transactions of purchase and sale of shares as stock-in-trade in the books of account, business income should be the appropriate head of income. en-us Fri, 18 Nov 2016 00:00:00 +0530 Thu, 31 Jan 2019 06:36:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278403 The appeal was allowed for statistical purposes, and the matter was remanded to the file of the Assessing Officer for fresh adjudication in accordance with the Circular and the principles outlined in the judgment. The Tribunal emphasized the significance of honoring the books of account and the entries related to shares, stating that unless conditions like bogus claims or sham transactions are involved, the head of income cannot be changed arbitrarily. The Tribunal highlighted that if the assessee treats certain transactions of purchase and sale of shares as stock-in-trade in the books of account, business income should be the appropriate head of income. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278403