Unitech Ltd. v. DCIT (2019) 176 ITD 266 (Delhi)(Trib.)

S. 45 : Capital gains-Business income-Shares held as investment–Recorded as investment in the books of account at the time of purchase and from year to year–Sale consideration cannot be assessable as business income.[S. 28(i)]

Tribunal held that at time of purchase of shares, they were recorded and classified under head ‘investment’ in books of account and were also reflected as such in audited financial statements from year to year and never these shares had been treated as tradable or stock-in-trade, shares could not be treated as stock-in-trade. Sale consideration is assessable as capital gains and not as business income. (AY. 2011-12)