Saturday, 1 February 2014

Profits from sale of shares is business income, as single pool of funds and books kept for business

IT: Where assessee was an investor for past several years and during previous year he sold certain shares and claimed gain arising on sale of shares as short-term capital gain, since assessee was maintaining same set of books of account for both its business transactions and purported investment activity out of same common pool of funds, share transactions represented only business transactions


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