2013 (2) TMI 817

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....he Respondent. JUDGEMENT In this appeal by the revenue the basic issue is whether income earned by the respondent assessee is to be taxed on sale of shares as short term capital gain as contended by the assessee or income from business as contended by the revenue. 2) The respondent-assessee is Doctor by profession. In his return of income for assessment year 2004-05 the respondent assesse....

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....the test laid down therein the income earned on sale of shares would have to be taxed as gain from short term capital gain and not as business income. The Tribunal found that almost 95 % of the funds for investment in shares belongs to the assessee. Further, the shares were always shown as investment in his balance sheet and considered to be an investment. The dividend earned was Rs. 8.36 lacs on ....