https://www.taxtmi.com/caselaws?id=378749 The High Court of Bombay upheld the classification of income as Short Term Capital Gain for the assessment year 2006-07, rejecting the revenue's appeal. The court noted the assessee's consistent treatment of similar transactions in prior years and ruled that the income from the sale of shares should be treated as capital gains, not business income. The decision emphasized the importance of maintaining consistency in tax treatment and dismissed the revenue's argument based on changes in tax rates. The tribunal's ruling was affirmed, and no legal issues were found to warrant overturning the decision. en-us Fri, 15 Mar 2019 00:00:00 +0530 Mon, 22 Apr 2019 07:19:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378749 The High Court of Bombay upheld the classification of income as Short Term Capital Gain for the assessment year 2006-07, rejecting the revenue's appeal. The court noted the assessee's consistent treatment of similar transactions in prior years and ruled that the income from the sale of shares should be treated as capital gains, not business income. The decision emphasized the importance of maintaining consistency in tax treatment and dismissed the revenue's argument based on changes in tax rates. The tribunal's ruling was affirmed, and no legal issues were found to warrant overturning the decision. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378749