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2015 (5) TMI 1139 - AT - Income TaxIncome from sale of shares - capital gain or business income - Held that:- According to the figures placed in the chart the assessee in earlier year has dealt in number of scrips i.e. 11 and in respect of A.Y 2008-09 the scrips dealt in are 16. There is not much difference in the position of sale and purchase of shares except higher value of the shares”, the period of holding is also substantial and main income has been earned by the assessee in two scrips only. All these positions have been described in the chart , which have been reproduced in the above part of this order. AO has not brought out any substantial difference in the facts between the case for the year under consideration and for assessment year 2007-08. The assessee is an old person and is regularly making investment in the shares and the number of scrips dealt is also not high. We do not find any differential fact for the year under consideration as compared to the immediate preceding assessment year for which similar activity has been held to be assessable under the head capital gain. There is also no substantial difference in the activities carried out by the assessee in individual capacity vis-à-vis in the capacity of HUF. The assessee did not utilize the borrowed funds for making investment as the entire investment is made out of own capital of the assessee. Keeping in view all these facts, which have been accepted by Ld. CIT(A) by detailed discussion in the case of HUF and also in view of facts of the present case and position depicted in the charts, we are of the opinion that Ld. CIT(A) did not commit any error concluding that such income of the assessee was assessable under the head “capital gain" - Decided against revenue
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