dear members
how to categorise the following vis-a-vis dept.ciruclars and judicial precedents
1. shares purchase and sale on the single day - delivery based
2. shares purchase and sale with a gap of 20 to 60 days
3. what is the turnover for F&O transactions. whether it is the net result of the transaction
pl give your view on the above
The ITAT have applied 30 days theory. If held for more than 30 days then it is STCG
Otherwise business
If purchased and sold on same day its speculative
F&O turnover is add up of plus and minus transactions ignoring the negative sign
This is as per ICAI and ITAT in the case of Preetinder Singh
Dear Guptaji
Can u mail me the judgedment of ITAT u referred to in your reply at veermani13@hotmail.com?
Thank you
vsaiyar
yes i will
i am giving citations here
30 days theory
ACIT v. Smt Kavita Devi Agarwal 48 SOT 191
Ran Mal Bhansali v ACIT 143 TTJ 65
Sugamchand C Shah v ACIT 37 DTR 345