S.28 (1) : Capital gains – Business income – shares PMS transaction gains are STCG and not business profits (S.45)
Description: Given the definitions of the term “business” and “capital asset” in Ss. 2(13) and 2(14), shares, If held for more than 12 months, will be a long- term capital asset, in spite of continued and systematic dealings; On facts, as the assessee had engaged a portfolio manager to look after to buy and sell […]
Read More