| COURT: | Bombay High Court |
| CORAM: | B. P. Colabawalla J, S. C. Dharmadhikari J |
| SECTION(S): | 28, 45, 48 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Business profits, Profit on sale of shares, short-term capital gains |
| COUNSEL: | Nitesh Gandhi |
| DATE: | August 20, 2018 (Date of pronouncement) |
| DATE: | August 29, 2018 (Date of publication) |
| AY: | 2007-08 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| Gains from sale of shares whether capital gains or business profits: Short period of holding shows that intention of assessee is to earn profit at earliest possible occasion. Assessee is moving as per stock market trend and selling shares at first available opportunity. This type of activity of sale and purchase is rightly termed, not as investment, but as trading | |
In fact, trend is that majority transactions have feature in holding of shares from one day to seven days. assessee sold shares within period of one week from date of purchase in more than eighty per cent of cases. It is this trend which resulted in concurrent finding against assessee. Intention of assessee in indulging in these transactions is to earn profit at earliest possible occasion and when there is rise in price. assessee is moving as per stock market trend
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