[aaykarbhavan] Income from sale of shares was taxable as capital gain when transactions of sale/purchase were sporadic

Income from sale of shares was taxable as capital gain when transactions of sale/purchase were sporadic

November 11, 2014[2014] 49 taxmann.com 218 (Kolkata - Trib.)/[2014] 30 ITR(T) 582 (Kolkata - Trib.)/[2014] 65 SOT 187 (Kolkata - Trib.)(URO)

IT : Where assessee was not regularly purchasing and selling shares in a systematic manner and no borrowed fund had been used by him for such purpose, gain on purchase and sale of shares would be treated as short-term capital gain

IT : Where in earlier assessment years Assessing Officer treated interest income of assessee as business income, in relevant year he could not tax same under head 'Income from other sources' without showing any reason for changing his stand

IT : In case of investment in shares, disallowance under section 14A is to be restricted to one per cent of dividend income

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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