Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 313 - HC - Income TaxProfit on sale of shares - capital gain v/s income from business - assessee is a share broker and main business of the assessee was purchase and sale of the shares - Held that:- CIT (Appeals)-I Kanpur held that the assessee was maintaining separate accounts of portfolio of trading and investments and separate bank accounts for them. The books of the account of the assessee has been accepted by the AO as this issue was also involved in the AY 2004-05 and 2005-06 and have been decided in favour of the assessee by CIT (A) as well as by ITAT and there was no reason for the AO in not accepting the previous orders. On these findings AO directed to treat the amount as long term capital gain and short term capital gain as shown by the assessee in his return. Revenue filed appeal against ITAT orders which has been dismissed on 02.01.2013 for the AY 2004-05 and in the matter of the Assessment Year 2005-06, the Revenue filed Income Tax Appeal No. 201 of 2010 which has been dismissed on 14.12.2012.
|