Assessee-company traded in shares and had showed short term capital gain from some transactions.\u00a0 Assessing Officer held\u00a0 that purchase of shares is\u00a0 about 65 per cent of total income. Out of total assets, assessee also made investment in shares which was 76 per cent of total assets, therefore, Assessing Officer held\u00a0 that assessee is\u00a0 dealing in shares and treated income under head business income.\u00a0 CIT(A) affirmed the order of the AO. On appeal the Tribunal held that one of objects of the assessee is\u00a0 to carry on the business as shares and stock brokers and to buy, sell and deal in all kind of shares, stocks, securities, bonds, debentures, units and such other instruments of all types.\u00a0 The claim of assessee that it is\u00a0 investing its own funds which were lying idle was not in itself sufficient to establish that trading in shares is done as investments to earn capital gain. Order of the AO is affirmed in taxing said income as business income. (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 28(i) : Business income-Capital gains-Own capital-Share dealings-Assessable as business income.[S. 45] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50520","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d8Q","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50520"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50520\/revisions"}],"predecessor-version":[{"id":50521,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50520\/revisions\/50521"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}