Gujarat High Court Lays Down Tests To Distinguish Shares Gains As LTCG/STCG vs. Business Profits:

---------- Forwarded message ----------

From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Fri, Aug 3, 2012 at 2:03 PM
Subject: Message from EGroup of SolapurCAs Gujarat High Court Lays Down Tests To Distinguish Shares Gains As LTCG/STCG vs. Business Profits:
To: editor@itatonline.org

 

Dear Subscriber,

 

The following important judgement is available for download at itatonline.org.

CIT vs. Vaibhav J. Shah (HUF) (Gujarat High Court)

Tests laid down to distinguish shares gains as LTCG/STCG vs. business profits

 

The assessee offered the gains from buying and selling shares as LTCG/ STCG. The AO held that the assessee was "dealing heavily in shares" with high frequency and magnitude and that the gains were assessable as business profits. This was reversed by the CIT (A) and Tribunal. On appeal by the department to the High Court, HELD dismissing the appeal:

(Click Here To Read More)

Regards,

Editor,

itatonline.org

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