ITO case
This query is : Resolved
Hirachand Chheda
(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..........
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
CA Shakuntala Chhangani
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
Other wise it is treated as capital gain itself
M Prabhakar Menon
(Expert)
08 December 2009
U have to satisfy the ITO that u r not in speculation business
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