Dear Prashant , the auditor is right in your client's case. Because if a person is continuously engaged in buying and selling of any capital asset than the capital asset becomes stock in trade for the purpose of taxation and the income is chargeable under the head business and profession not under capital gains.
Shyam Joshi & Associates
Pune
B.Com
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Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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T R SOOD & CO
New Delhi
CA Inter
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CAclubindia
