https://www.taxtmi.com/caselaws?id=762117 Shares shown in the balance sheet as investments, and held in an investment portfolio, give rise to capital gains rather than business income where the surrounding facts show the purchase was intended for investment and not trading. The assessee maintained separate investment and trading portfolios, and the CBDT circular recognised that such dual portfolios may be taxed under different heads according to their character. On the facts, the shares were found to have been acquired and held as investments, so the gain on sale was assessable as short-term capital gain and not as business income. en-us Fri, 22 Nov 2024 00:00:00 +0530 Mon, 25 Nov 2024 08:45:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762117 Shares shown in the balance sheet as investments, and held in an investment portfolio, give rise to capital gains rather than business income where the surrounding facts show the purchase was intended for investment and not trading. The assessee maintained separate investment and trading portfolios, and the CBDT circular recognised that such dual portfolios may be taxed under different heads according to their character. On the facts, the shares were found to have been acquired and held as investments, so the gain on sale was assessable as short-term capital gain and not as business income. Case-Laws Income Tax Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762117