Income from Frequent Share Trading Classified as Business Income, Not Capital Gain, Due to Commercial Motive.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Correct head of income - shares transactions- Capital gain or business income - there cannot be any straight jacket formula and there should not be a sweeping conclusion but a case to case test or approach should be adopted - regularity in purchase and sale of shares for several years and payment substantial professional fees in its endeavour to corner gains from market fluctuations show clear commercial motive - business income....