A investment private Ltd company bought shares of other listed companies from recognized stock exchange & also pays the STT.
So! Whether the capital gain will be liable for 30% tax bracket..?? Expection under 10 (38) will allowed or not..???
In such a case. AO may treat this as a business income.
It dependa upon the facts of the case that these would be Capital gains or Business income.
However for removal of doubts and reduce litigations in this respect department has issued two ciruclars i.e. Circular no. 6/2016 and Circular no. 4/2007.
That would be relevant in your case.
Hope this will meet your requirement.
Regards.
CAclubindia
