M/S KEMFIN SERVICES PVT LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX
In the result, the appeal is allowed
ITA/70/2011HC Karnataka11 Jun 2020
Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR
Section 143(2)Section 260Section 260ASection 88E
capital gain. Thus, the transactions,
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were treated as business income and an order of
assessment was passed. Being aggrieved, the assessee
filed an appeal. The Commissioner of Income Tax
(Appeals) vide order dated 18.12.2009 inter alia held
that the shares had to be considered as stocks in trade
and income from sale of shares has to be treated
