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2014 (2) TMI 607 - AT - Income TaxNature of profits STCG or LTCG - Whether the profit arisen out of sale of shares is to be assessed as short term capital gain or long term capital gain – Held that:- The CIT(A) treated the profit arising from sale of shares as Long Term Capital Gain - the period of holding must necessarily include the date of purchase of the capital asset as well - the appellant held the Units for period of 12 months and 1 day thus, capital assets in question were long term capital assets and consequently the gain was long term capital gains - The same therefore qualified for exemption u/s 10(38) of the Income Tax act - The assessee has held the assets i.e. shares for more than twelve months, may be even for one day – thus, there is no need to interfere in the order of CIT(A) – Decided against Revenue. Disallowance of expenses u/s 14A of the Act – Held that:- CIT(A) restricted the disallowance - As the issue is covered u/s 14A of the Act only 1% disallowance is to be restricted but here, the assessee itself has disallowed a sum which is more than 1% - The entire addition made by AO is deleted – Decided in favour of Assessee.
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