CAPITAL GAIN VS. BUSINESS INCOME
This query is : Resolved
CA. PRASAD
(Querist)
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........
CA Hemant T Dewani
(Expert)
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
Dhirajlal Rambhia
(Expert)
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
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