https://www.taxtmi.com/caselaws?id=471757 Gains from shares and debt-oriented mutual funds held in an investment portfolio retain their character as capital gains notwithstanding separate trading in similar instruments. Long-term capital gains from such investments qualify for exemption under Section 10(38), while long-term and short-term gains cannot be recharacterised as business income solely because the taxpayer also carries on trading activities. Consistent treatment of the investment portfolio, supported by prior comparable determinations, sustains the distinction between investment holdings and trading stock. en-us Wed, 09 Apr 2025 00:00:00 +0530 Wed, 16 Sep 2026 19:00:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471757 Gains from shares and debt-oriented mutual funds held in an investment portfolio retain their character as capital gains notwithstanding separate trading in similar instruments. Long-term capital gains from such investments qualify for exemption under Section 10(38), while long-term and short-term gains cannot be recharacterised as business income solely because the taxpayer also carries on trading activities. Consistent treatment of the investment portfolio, supported by prior comparable determinations, sustains the distinction between investment holdings and trading stock. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471757