https://www.taxtmi.com/caselaws?id=465229 ITAT Mumbai allowed the assessee's appeal, holding that profit from sale of shares was assessable as capital gains (LTCG/STCG) and not as business income. The Tribunal emphasized the consistent past treatment of share dealings as investments, accepted under scrutiny assessments, the reflection of shares as investments in the balance sheet, use of own funds, and exclusively delivery-based transactions with no intra-day squaring up. It rejected the lower authorities' recharacterisation as business income and applied the rule of consistency, noting the legislative intent behind STT and concessional capital gains tax to treat delivery-based share transactions of investors as capital gains. The additions as business income were accordingly deleted. en-us Fri, 09 May 2014 00:00:00 +0530 Thu, 11 Dec 2025 20:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465229 ITAT Mumbai allowed the assessee's appeal, holding that profit from sale of shares was assessable as capital gains (LTCG/STCG) and not as business income. The Tribunal emphasized the consistent past treatment of share dealings as investments, accepted under scrutiny assessments, the reflection of shares as investments in the balance sheet, use of own funds, and exclusively delivery-based transactions with no intra-day squaring up. It rejected the lower authorities' recharacterisation as business income and applied the rule of consistency, noting the legislative intent behind STT and concessional capital gains tax to treat delivery-based share transactions of investors as capital gains. The additions as business income were accordingly deleted. Case-Laws Income Tax Fri, 09 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465229