Tribunal held that intention of assessee was to make investment in mutual fund and not for trading, no borrowed capital was untilsed only 15 transactions during year and shown as investment in books of account therefore, profit earned on redemption of units of mutual funds was to be taxed as short term capital gain. (AY.2006 -07)
ACIT v. Wig Investment (2019) 174 ITD 30 (Delhi)(Trib.)
S. 45 : Capital gains-Business income-Redemption of units of mutual fund -No borrowed capital- Only 15 transactions – Shown as investment in books of account-Assessable as capital gains and not as business income. [S. 28(i)]