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2014 (4) TMI 317 - CALCUTTA HIGH COURTNature of Income - STCG or business income – Valuation of investment in shares at cost – assessee made payment of STT but did not claim any rebate u/s.88E of the Act for the reason that it is not a trader - Held that:- The Tribunal rightly of the view that the investment in shares were always valued by assessee at cost, thereafter, foregoing the advantage of notional loss or profit on diminution of market value of shares - Whether the income arose from business or from out of short term capital gain is not a pure question of law, but it is a mixed question of fact and law - the Tribunal after considering the facts and circumstances arrived at the findings – thus, there is no such mistake in the reasoning adopted – Decided against Assessee.
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