In one of the Assessment Proceedings for the Assessment Year 2018-19, The Faceless Assessment Unit has considered Income from Intra day Trading in Equity and Income from Trading in Futures & options as Short Term Capital Gain.
The Assessee has considered Income from Intra day Trading in Equity as Speculative Business Income and Income from Trading in Futures & options as Normal Business Income which in my opinion is correct.
Whether the below noted contention of the Assessment Unit is correct ?
Contention :"Since the assessee is an Employee of a PSU, the Profit from Intra day Trading in Equity and Income from Trading in Futures & options is considered as Short Term Capital Gain and hence the same is calculated accordingly"
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