Profit from sale of shares from investment portfolio taxable as Capital Gains and not as Business Income
Court :
ITAT, Ahmedabad
Brief :
The Hon'ble ITAT, Ahmedabad in Swatiben Anilbhai Shah v. DCIT [Income Tax Appeal Nos. 1513, 1514 and 1515/Ahd/2019 decided on January 29, 2021] held that where assessee purchased shares and recorded them in investment portfolio and it was justified that the intention of the assessee was to purchase the shares as capital asset, then income arising out of such shares was to be taxed as 'short term capital gain' ('STCG') under the head 'Capital Gains' and not as business income under the head 'Profit and Gains from Business or Profession' ('PGBP').
Citation :
Income Tax Appeal Nos. 1513, 1514 and 1515/Ahd/2019 decided on January 29, 2021
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Bimal Jain
Published in GST
Views : 208
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