10 August 2007
a company in addition to normal business activities also purchases and sells shares and mf from market and earns profit the company informs that trading of goods and sale of shares both are business activities and total sale should be merged and thereafeter no question of deriving stcg and ltcg on shares to be separately shown whether the contention is correct. the main business of the company is to deal in coal, coke etc
11 August 2007
Mr. Aggarwal you did not clearyfy the normal buisness of the company. Is the normal business activeites are of the same nature as the sale of share or mf. if the activites are not same the profit of loss on sale or purchase of share/mf will be treated as capital gain.
11 August 2007
As per Circular No.4/2007 dtd-15/06/07, the answer to the same question is available at http://law.incometaxindia.gov.in/taxmannDit/DisplayPage/dpage1.aspx?md=1
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