Dear Angel A,
The question under consideration is whether such shares will be treated as Stock in Trade (if yes, it will go to business income) or it should be considered as Capital Asset (will beliable to tax under Capital Gain head). Court in their previous judgement of Gopal Purohit have clarified such matter. However after conclusion CBDT issued notification. You can refer CBDT circular no. 4 of 2007. I will give you brief idea of the same:
1. Where assessee offers such shares as stock in trade irrespective of period of holding then such shares will be treated as stock and will be chargiable under Business income.
2. If such shares are held for more than 12 month then IT authority cannot deny treating such shares as capital asset.
3. Others: depend on case to case basis (based on nature of transaction)
In conclusion IT authority will like to tax these type of transaction on higher rate hence they will not object if assessee treat it as stock in trade. However if assessee wahts to treat it as capital asset then proper documentation and explanation should be available (for proof of holding more than 12 months or other such documents).