Tribunal held that volume of transactions in current year matched with earlier years , and earlier years the transactions of sale of shares were accepted as capital gains . Current year short-term capital gains arising from share transaction could not be assessed as business income. (AY. 2008-09)
Satish Madanlal Gupta v. ACIT (2018) 173 ITD 169 (Pune) (Trib.)
S. 45 : Capital gains-Business income–Investment in shares-Earlier years the transactions of sale of shares were accepted as capital gains-Current year short-term capital gains arising from share transaction could not be assessed as business income. [S. 28(i)]