It was held that the income from dealing in shares was assessed consistently as capital gains in scrutiny assessment. Further, the CIT(A) had given finding of fact on the frequency of the transactions. It was also held that period of holding and receipt of dividend were not decisive factors. Accordingly, the income was held to be taxable as capital gains. (AY. 2008-09)
Eastman Industries Ltd. v. ACIT (2018) 63 ITR 181 (Delhi) (Trib.)
S. 45 : Capital gains – business income – Trading in shares – Held, in earlier years the same was assessed as capital gains in scrutiny assessments – Held, period of holding and receipt of dividend were not decisive factors – Held, to be assessed as capital gains. [S.28(i)]