Profit on sale of investment is assessable as capital gains and not as business income. Divided income is exempt from tax. (AY. 2005 -06)
PCIT v. Haryana State Industrial and Infrastructure Development Corporation Ltd. (2019) 414 ITR 632/ 183 DTR 244 / 311 CTR 603/108 taxmann.com 540/ 266 Taxman 9 (Mag) (P&H) (HC)
S. 45 : Capital gains–Business income-Profit on sale of investment is assessable as capital gains. [S. 10(38), 28(i)]