07 December 2009
One of the Ld. ITO says why not to disallow the short term capital gain on sale of shares as speculative business income. Kindly tell what can i reply sir..........
08 December 2009
If the memorandam and articles specifies that the compoany objective as trading in shares then the gain is treated as speculative businwess income . Other wise it is treated as capital gain itself
CAclubindia
