The Tribunal held that the CIT (A) has followed later years on this issue and following the rule of consistency, the income from sale of shares is assessable as capital gains and not as business income.(AY.1999-2000,2002-03,2003-04)
Dy. CIT v. Central Bank of India (2018) 191 TTJ 265/ 161 DTR 1 (Mum.)(Trib.)
S. 45 : Capital gains –Business income- Sale of shares – Following the rule of consistency, the income from sale of shares is assessable as capital gains and not as business income. [ S.28(i) ]