https://www.taxtmi.com/caselaws?id=35082 The High Court upheld the classification of income from the sale of shares as business income instead of capital gains for the appellant company. The court found that the shares were purchased with the intention to sell for profit, indicating a trading activity rather than investment. Despite the appellant's arguments based on the audited balance sheet reflecting the shares as investments, the court emphasized the absence of evidence showing a change in the nature of the appellant's business or exclusive investment purpose for the shares. The consistent treatment of share sale income as business income was maintained, dismissing the appeal. en-us Tue, 30 Oct 2007 00:00:00 +0530 Sat, 19 Dec 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35082 The High Court upheld the classification of income from the sale of shares as business income instead of capital gains for the appellant company. The court found that the shares were purchased with the intention to sell for profit, indicating a trading activity rather than investment. Despite the appellant's arguments based on the audited balance sheet reflecting the shares as investments, the court emphasized the absence of evidence showing a change in the nature of the appellant's business or exclusive investment purpose for the shares. The consistent treatment of share sale income as business income was maintained, dismissing the appeal. Case-Laws Income Tax Tue, 30 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35082