Profit earned from systematic trading in shares to be taxed as business income

INCOME TAX: Where AO held that profit earned by assessee from sale of shares was taxable as business income, in view of fact that assessee had entrusted task of trading in shares to professionally managed Portfolio Management Services (PMS) to seize favourable market movements and, moreover, large number of scrips were traded and period of holding at times was as short as few days, impugned order did not require any interference

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