Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 335 - ITAT MUMBAICapital gain or business income - Whether the income earned from the activity of purchase and sale of shares could be treated as PGBP or capital gain - Assessee is a sub-broker and has also carried out purchase and sale of shares on own account - Assessee is maintaining two separate portfolios i.e. investment portfolio and trading portfolio – Held that:- As the assessee has long term and short term capital gain out of the investment portfolio and it is not the case of the Revenue that any point of time the assessee has mixed up the above two portfolio and merely because the assessee had sold the shares in the relevant year and made substantial gain does not mean that transactions of investment portfolio were not as an investor but as a trader. Following the decision in case of Rewashanker A. Kothari (2006 (1) TMI 80 - GUJARAT HIGH COURT) this issue decides in favour of assessee Disallowance of STT u/s 40(ib) (Securities Transaction Tax) - Assessee has debited the STT to the brokerage account and had credited to P&L account by brokerage which is net of STT and other debts – Assessee claims that he has not charged security transaction tax and has maintained separate accounts in his books of accounts - Held that:- In the absence of the evidence issue required to reexamined. Remand to AO
|