Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Briefly stated facts of the case are that the assessee is an Insurance Agent. The return of income was filed showing an income of Rs.49,56,545/- consisting income from insurance commissions, house property, capital gains and income from other sources. During the course of assessment proceedings the AO noted that the assessee has purchased shares amounting to Rs. 39,88,567/- and the same were sold at Rs.50,40,704/- declaring short term capital gain of Rs.10,52,137/-. Considering the frequency of transactions of purchase and sales of shares, the short interval between purchases and sale of shares, the profit motive, which is clearly latent in these transactions and intention, the assessee was asked to show cause as to why short term capital gain shown at Rs.10,52,137/- should not be treated as business income instead of capital gains
Citation :
Shri Dev Ashok Karvat, 53, Kusum Vi l la, 14,Dr.K.N.Marg, Gamdevi Road, Mumbai-400007 PAN:AAEPK2515J APPELLANT V/s Dy. Commissioner of Income Tax Range-14(3), Earnest House,Nariman Point,Mumbai-400021 RESPONDENT
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