Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 441 - HC - Income TaxTreatment of income as business income instead of long term capital gain – Exemption u/s 10(38) - transactions in shares - Held that:- None of these facts are disputed neither the dates are disputed nor the nos. of shares nor the price of sale or purchase – revenue has also not attempted to upset the finding of the CIT(A) inasmuch as that the assessee was maintaining two separate portfolios one for Investment and one for business - the finding that there was no intermingling of shares in the two portfolios and that the two were separate and distinct has also not been shown to be incorrect on facts - – Relying upon CIT v. Sutlej Cotton Mills Supply Agency Ltd. [1975 (7) TMI 2 - SUPREME Court] all along the assessee demonstrated that she had an intention to maintain two separate portfolios wherein there was no mixing up in the two portfolios remains unrebutted on record as nothing to the contrary has been placed by the Revenue - there is no intermingling of shares in the two portfolios has been verified by the CIT(A) after considering the balance sheets of the last 7 years and also the P&L A/c – no substantial question of law arises for consideration - Decided against Revenue.
|