Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (3) TMI 330 - AT - Income TaxShare trading transaction - Nature of income - Income from Business & Profession OR Capital gain – Held that:- CIT(A) set aside the order of the AO on the issue and held that the income from sale of shares held as investment gives rise to long term capital gains/short term capital gains and the same should not be treated as income from business - Revenue submitted that the assessee was engaged in trading activity – but no material was placed to controvert the findings of the CIT(A) - Repetitive nature of transactions, i.e. sale of shares and again repurchase on the next day, was not proved - the assessee dealt with limited number of stocks and most of the transactions have taken place in April, May and June, 2005 - It is also not in dispute that the assessee held shares of Crance Soft, Vlmta Lab and Yuken India for more than two years and they were shown in the books as investments – thus, the gross receipts should not be taken as the sole criterion to come to the conclusion that the assessee carried on trading activity - Since the revenue was not able to controvert the findings of the CIT(A) – there is no reason to interfere in the order of the CIT(A) – Decided against Revenue.
|