Thursday, May 13, 2021

Purchase amp; sale of shares in instalment couldn’t be treated as repetitive deals; income is taxable as capital gains

INCOME TAX : Where assessee sold shares which were clearly classified as investment in its balance sheet and there was no instances of repetative purchase amp; sale of shares by assessee and, moreover, assessee had used its own funds to purchase shares, profit arising on sale of shares was chargeable to tax as short-term capital gain

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198328/purchase-amp-sale-of-shares-in-instalment-couldn’t-be-treated-as-repetitive-deals-income-is-taxable-as-capital-gains.aspx

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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