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ITO case

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(Querist)
07 December 2009 One of the Ld. ITO says why not to disallow the short term capital gain on sale of shares as speculative business income. Kindly tell what can i reply sir..........
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shakuntala chhangani

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shakuntala chhangani (Expert)
07 December 2009 Hi, u can simply say "sir u will have to change Income Tax Act for that". Regards,
CA Shakuntala Chhangani
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Manikanta Raju CA,CWA,(CS)

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Manikanta Raju CA,CWA,(CS) (Expert)
08 December 2009 If the memorandam and articles specifies that the compoany objective as trading in shares then the gain is treated as speculative businwess income .
Other wise it is treated as capital gain itself
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
08 December 2009 U have to satisfy the ITO that u r not in speculation business
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