https://www.taxtmi.com/caselaws?id=378874 The High Court of Bombay upheld the decision of the tribunal and dismissed the Income Tax Appeals regarding the disallowance of Short Term Capital Gain (STCG) as Business Income for the assessment year 2008-2009. The Court agreed with the tribunal's reasoning that the consistent treatment of such receipts as capital gains in earlier assessment years, coupled with the inability to set-off capital losses from previous years if treated as business income in the current year, justified the classification of the income as short term capital gain. The Court found no error in the tribunal's decision and ruled that no question of law arose. en-us Tue, 09 Apr 2019 00:00:00 +0530 Mon, 22 Apr 2019 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378874 The High Court of Bombay upheld the decision of the tribunal and dismissed the Income Tax Appeals regarding the disallowance of Short Term Capital Gain (STCG) as Business Income for the assessment year 2008-2009. The Court agreed with the tribunal's reasoning that the consistent treatment of such receipts as capital gains in earlier assessment years, coupled with the inability to set-off capital losses from previous years if treated as business income in the current year, justified the classification of the income as short term capital gain. The Court found no error in the tribunal's decision and ruled that no question of law arose. Case-Laws Income Tax Tue, 09 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378874