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CAPITAL GAIN VS. BUSINESS INCOME

This query is : Resolved 
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(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........
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CA Hemant T Dewani

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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
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Dhirajlal Rambhia

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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
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