Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 1704 - ITAT DELHIPenalty u/s 271(1)(c) - treating part of income from sale of shares as business income instead of capital gains by the assessee - CIT(A) deleted the penalty - Held that:- The bifurcation of the short term capital gain and treating the transaction as investment in the cases where the holding period of more than 30 days and as business transaction in the case where the holding period is less than 30 day, in our considered opinion, is not justified on the part of the CIT(A). Since there cannot be a single criteria for judging the transaction as capital asset or trading asset, the CIT(A) adopted only holding period as a sole criteria for bifurcating the transactions relating to the short term capital gain, which is neither proper and nor justified. Respectfully following the same we have to necessarily dislodge this direction of the Ld. CIT(Appeals). We hold that the entire profits from the purchase and sale of shares have to be assessed under the head “capital gains”. From the above findings of Hon’ble Tribunal we find that assessee has been granted relief in this respect and therefore the penalty imposed by AO does not survive. - Decided in favour of assessee.
|