TaxTMI 
TaxTMI 
whether capital gain or business income
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....hether capital gain or business income<br> Query (Issue) Started By: - mahesh mundhra Dated:- 27-11-2010 Last Reply Date:- 27-11-2010 Income Tax<br>Got 1 Reply<br>Income Tax<br>my client have income f....
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....rom few trans actions of shares and thereby gained some profits all along he has shown this income as income from capital gain this year ito wanted to consider this income from business instead of cap....
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....ital gain my question is do we have any supporting judgement which can give relief as counter department logic Reply By DEV KUMAR KOTHARI: The Reply: When shares held are 'capital asset' ( not stock-....
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....in-trade) the income on transfer will fall u/h 'capital gains'. Furthermore when transactions are few and not voluminous, and in past admittedly activity is considered as investment activity, and gain....
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....s on transfer are assessed as capital gains, then there is no question of treating income on transfer of shares, held as investment, as business income. You may refer to judgment of Bombay HC in case....
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.... of Gopal Purohit, Calcutta HC in case of Bhagawati Pd. Agarwal, and a recent judgment of Gujrat HC in which it has been held that even if investment is made out of borrowed funds, gains will be capit....
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....al gains when shares transferred are capital asset of assessee. You may also refer to some of my articles on this website to make out case by raising various contentions.<br> Discussion Forum - Knowle....
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....dge Sharing ....