Nalin V. Shah. v. ACIT (2022) 192 ITD 29 (Mum.)(Trib.)

S. 45 : Capital gains-Sale of shares-Forming part of a lot purchased-Assessable as capital gains and not as business income. [S. 28(i)]

Tribunal held that surplus arising from sale of shares (forming part of a lot purchased by assessee) had been subjected to tax as STCG, then, by way of an implication it could be inferred that said entire lot of shares was purchased by assessee with an intention to hold same as a capital asset, hence, balance shares would also be given a similar treatment. (AY. 2008-09)