Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 846 - AT - Income TaxNature of Income – Income for investment in share and house property – Held that:- Short term capital gain declared by the assessee in respect of share transaction has to be assessed as business income - The assessee has pointed out that the holding period in respect of transactions in shares of Logix Micro has been wrongly taken as less than one year - The shares were held for about two years and therefore, income in respect of these shares has to be assessed as long term capital gain - if the shares have been held for more than a year, it will clearly indicate investment activity – gain declared by the assessee has to be accepted as long term capital gain – Relying upon Jignesh Indulal Patel vs. ITO [2012 (12) TMI 335 - ITAT MUMBAI] – Thus, gain earned by the assessee from sale of shares which have been held by the assessee for more than a year has to be accepted as long term capital gain – matter restore to the file of AO for verification – Decided partly in favour of Assessee.
|