CAPITAL GAIN VS. BUSINESS INCOME
This query is : Resolved
20 June 2009
CAN ANYONE PROVIDE ME ANY CASE LAW OR CONCLUDING MATERIAL ON THE FOLLOWING QUERY
THE ASSESSEE IS HOLDING THE SHARES AS AN INVESTMENT. DURING THE YEAR F.Y. 2006-07 HE SOLD SOME SHARES AND EARNED LONG TERM CAPITAL GAIN ONLY, BUT A.O. INTEND TO TREATE WHOLE OF TEH LONG TERM CAPITAL AS BUSINESS INCOME.
PLEASE REPLY........
THE ASSESSEE IS HOLDING THE SHARES AS AN INVESTMENT. DURING THE YEAR F.Y. 2006-07 HE SOLD SOME SHARES AND EARNED LONG TERM CAPITAL GAIN ONLY, BUT A.O. INTEND TO TREATE WHOLE OF TEH LONG TERM CAPITAL AS BUSINESS INCOME.
PLEASE REPLY........
20 June 2009
if the above shares are shown as an investment in your balance sheet then it is long term capital gain if you are shown as a stock during the year then it is trading income
whether the shares are business income or investment income it is important
whether the shares are business income or investment income it is important
07 November 2021
The decisions of the Hon’ble Supreme Court in following cases:
(i) G. Venkataswamy Naidu & Co., v/s. CIT, 35 ITR 594 (S.C)
(ii) Raja Bahadur Kamakshya Narain Singh v/s. C.I.T, 77 ITR 225
(iii) Bengal and Assam Investors Ltd. v/s. CIT, 59 ITR 547
(i) G. Venkataswamy Naidu & Co., v/s. CIT, 35 ITR 594 (S.C)
(ii) Raja Bahadur Kamakshya Narain Singh v/s. C.I.T, 77 ITR 225
(iii) Bengal and Assam Investors Ltd. v/s. CIT, 59 ITR 547
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
