https://www.taxtmi.com/caselaws?id=378678 Shares purchased through an IPO and held for more than 12 months, with no borrowed funds used, were treated as investments rather than stock-in-trade because the assessee consistently reflected them as investments in its balance sheet and the same treatment had been accepted in earlier years. The departmental circular also supported this approach for listed shares held beyond the lock-in period where investment treatment is consistently followed. The gain on sale was therefore assessable as long-term capital gain, not business income. en-us Mon, 01 Apr 2019 00:00:00 +0530 Wed, 01 May 2019 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378678 Shares purchased through an IPO and held for more than 12 months, with no borrowed funds used, were treated as investments rather than stock-in-trade because the assessee consistently reflected them as investments in its balance sheet and the same treatment had been accepted in earlier years. The departmental circular also supported this approach for listed shares held beyond the lock-in period where investment treatment is consistently followed. The gain on sale was therefore assessable as long-term capital gain, not business income. Case-Laws Income Tax Mon, 01 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378678