https://www.taxtmi.com/caselaws?id=755622 ITAT Delhi ruled in favor of assessee regarding classification of share sale gains. The tribunal held that gains from share sales should be treated as capital gains rather than business income, applying the principle of consistency. The assessee had surrendered NSE trading ticket in 2001, held shares as investments valued at cost, and maintained consistent treatment across multiple assessment years. Revenue had previously accepted similar transactions as capital gains in AYs 2004-05, 2005-06, 2007-08, 2008-09, and 2010-11. Despite holding periods of 5-12 months and frequent trading, the tribunal found investment motive was to derive dividend income, not business profit. AO's treatment as business income was reversed. en-us Fri, 12 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755622 ITAT Delhi ruled in favor of assessee regarding classification of share sale gains. The tribunal held that gains from share sales should be treated as capital gains rather than business income, applying the principle of consistency. The assessee had surrendered NSE trading ticket in 2001, held shares as investments valued at cost, and maintained consistent treatment across multiple assessment years. Revenue had previously accepted similar transactions as capital gains in AYs 2004-05, 2005-06, 2007-08, 2008-09, and 2010-11. Despite holding periods of 5-12 months and frequent trading, the tribunal found investment motive was to derive dividend income, not business profit. AO's treatment as business income was reversed. Case-Laws Income Tax Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755622