Income from share : Business Income

Income from share transactions is taxable as business income if assessee is dealing with large volume of shares

[2015] 57 taxmann.com 327 (Mumbai - Trib.)

IN THE ITAT MUMBAI BENCH 'F'

Assistant Commissioner of Income-tax 25(3), Mumbai

v.

Vinod K. Sharda

Section 28(i), read with section 45, of the Income-tax Act, 1961 - Business income - Chargeable as (Share dealings, income from) - Assessment year 2007-08 - Whether where assessee was dealing in large volume of shares for which one has to devote considerable time and resources and has to carry out activities in a systematic manner, assessee was not an investor but a trader of shares and income from share transactions was to be assessed as business income and not as capital gain - Held, yes [Para 5] [In favour of assessee]