Share trader -capital gains exemtion


My sister trades almost daily in shares. She had filed her tax returns duly and claimed LTCG whenever she got it. After the demise of her old tax lawyer the new tax consultant says that LTCG benefit is not for traders. Since she trades daily with large volumes her LTCG would be treated as business gains.I had read some case judgement of similar nature where honourable SC had passed the verdict that the volume and frequency of the trades do not change their classification from Long Term to business. Can anybody give reference of such a decision.

 
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