Section 28(i), read with section 45, of the Income-tax Act, 1961 - Business income - Chargeable as (Share dealings) - Assessment year 2005-06 - Whether it is possible for a taxpayer to have two portfolios, namely, an investment portfolio comprising securities, which are to be treated as capital assets and trading portfolio comprising stock-in-trade, which has to be treated as trade asset - Held, yes - Whether, therefore, where assessee carried out delivery based share transactions with an investment motive, in view of fact that period of holding in said transactions was less than one year, income arising from those transactions was to be taxed as short-term capital gain - Held, yes - Whether, however, income from F & O transactions and daily trading in shares carried with business motive mainly through stockbroker registered with NSE and BSE was taxable as business income - Held, yes [Para 4][In favour of assessee]
Refer:[2014] 46 taxmann.com 242 (Madhya Pradesh)
HIGH COURT OF MADHYA PRADESH
Commissioner of Income-Tax
v.
Om Prakash Suri (No. 1)
Refer:[2014] 46 taxmann.com 242 (Madhya Pradesh)
HIGH COURT OF MADHYA PRADESH
Commissioner of Income-Tax
v.
Om Prakash Suri (No. 1)
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