https://www.taxtmi.com/caselaws?id=426107 The Tribunal allowed the appeal, holding that income from the sale of shares should be classified as Short Term Capital Gain, not business income. Emphasizing consistency and intention at purchase, supported by precedents and CBDT circulars, the Tribunal dismissed alternative grounds like set-off of Long Term Capital Loss against business income. Other issues like interest charges and penalty proceedings were deemed consequential. The appeal favored the assessee, maintaining the STCG classification for the shares' income. en-us Wed, 13 Jul 2022 00:00:00 +0530 Mon, 08 Aug 2022 09:10:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426107 The Tribunal allowed the appeal, holding that income from the sale of shares should be classified as Short Term Capital Gain, not business income. Emphasizing consistency and intention at purchase, supported by precedents and CBDT circulars, the Tribunal dismissed alternative grounds like set-off of Long Term Capital Loss against business income. Other issues like interest charges and penalty proceedings were deemed consequential. The appeal favored the assessee, maintaining the STCG classification for the shares' income. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426107