Whether profit on sale of shares is taxable as short term capital gain even though the transactions are large in volume and the shares are shown as investment in the books of account and no shares are sold without taking delivery

2011-TIOL-228-ITAT-MUM

Nagindas P Sheth Vs ACIT, Mumbai (Dated: April 5, 2011)

Income tax – Capital Gain or Business Income – Whether profit on sale of shares is taxable as short term capital gain even though the transactions are large in volume and the shares are shown as investment in the books of account and no shares are sold without taking delivery. - Assessee's appeal allowed: MUMBAI ITAT;