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2015 (12) TMI 395 - ITAT AHMEDABADProfit earned on sale of shares - "business income" OR "short term capital gains" - Held that:- CIT(A) while deciding the issue in favour of the Assessee has held the profit earned to be as "capital gains" and has noted that Assessee has history of being an investor and claiming short terms capital gains and the activity of transactions were related to 5 scrips and the transactions were delivery based. He has further given a finding that it is not a case where the Assessee has done the transactions of sale and purchase on every day basis. He has further noted that the shares were considered by the Assessee as investment in its books of accounts, had not borrowed any finance to acquire the shares and out of the total gains earned by the Assessee, around 2/3 of the profits were earned from shares which were held for over 60 days. He thereafter relying on the ratio of the decision rendered by the Hon'ble Bombay High Court in the case of Gopal Purohit reported in 228 CTR 582 (Bom) held that only short term capital gains to the extent of ₹ 27,193/- earned on the transactions which were not transacted through Demat account is to be attributed to the business of share trading. Before us, Revenue has not placed any material on record to controvert the findings of ld. CIT(A). Further, it is also a fact that in the earlier assessment years, Assessee had offered the profits as short terms capital gains and the same was also accepted by the Revenue. No reason to interfere with the order of ld. CIT(A) - Decided against revenue
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