ITAT rules profit on sale of STT-paid listed shares, to be taxed as ‘capital gains’ and not ‘business income’; Intention behind investment, treatment in books of account, whether organised effort made to obtain profit, volume, frequency as well as consistency in treatment by tax authorities in preceding years relevant for taxing profits in share-transactions; Relies on SC rulings in Ram Kumar Agarwal & Brothers and Gopal Purohit; Merely liquidating investment within short time for better earning, cant show assessee’s intention as ‘trader’ and not ‘investor’; For calculating holdings for purposes of deemed dividend u/s 2(22)(e), fully paid up shares registered in name of minor children not to be clubbed in hands of assessee : Indore ITAT [MANISH KARWA & ORS 2013 IND]
Posted on: Thu, 06 Mar 2014 04:30:12 +0000
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