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2013 (8) TMI 136 - AT - Income TaxSale and purchase of shares - capital gain v/s business income - Held that:- Total number of transaction is 68 out of which 40 transactions relate to LTCG. 15 transactions relate to STCG and 30 transactions relate to close out transaction of STCG. The total number of scrips dealt by the assessee is 26. Further average holding period for capital gains is 37 days or 1.75 years. The average holding period for STCG is 217 days. These facts speak for themselves. The past history of the assessee also shows that right from assessment years 2001-02 to 2006-07, when the assessments has been made after thorough scrutiny u/s 143(3) the Department has accepted the profit under the head capital gain. Thus following rule of consistency no reason to take a different view as from the past assessment of the assessee. Against revenue. Disallowance u/s 14A - CIT(A) restricted the disallowance u/s 14A to Rs. 18,65,942/- whereas the disallowance as per Rule 8D worked out to Rs. 2,96,23,551/- - Held that:- As it is settled that Rule 8D is prospective as held in Godrej and Boyce Mfg. Co. Ltd. vs. DCIT (2010 (8) TMI 77 - BOMBAY HIGH COURT), . However , at the same time a reasonable disallowance accepted to be made so far as earning of exempt income is concerned CIT(A) has restricted the disallowance to the extent of expenditure claimed. Thus no reason to interfere with the finding of CIT(A). Against revenue.
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