https://www.taxtmi.com/caselaws?id=378738 Surplus from sale of shares was treated as capital gains because the assessee had classified the shares as investment, the volume of transactions was limited, and the gains were predominantly long-term with only a negligible short-term component. These factual indicators supported the view that the shares were held as investment rather than stock-in-trade. The Court also referred to the CBDT circular stating that, subject to conditions, listed shares held for more than 12 months may be accepted as giving rise to capital gains. On that basis, the receipt was rightly assessed as capital gains, not business income, and no substantial question of law arose. en-us Tue, 16 Apr 2019 00:00:00 +0530 Sat, 20 Apr 2019 09:34:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378738 Surplus from sale of shares was treated as capital gains because the assessee had classified the shares as investment, the volume of transactions was limited, and the gains were predominantly long-term with only a negligible short-term component. These factual indicators supported the view that the shares were held as investment rather than stock-in-trade. The Court also referred to the CBDT circular stating that, subject to conditions, listed shares held for more than 12 months may be accepted as giving rise to capital gains. On that basis, the receipt was rightly assessed as capital gains, not business income, and no substantial question of law arose. Case-Laws Income Tax Tue, 16 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378738