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2015 (5) TMI 266 - HC - Income TaxTransaction in shares - business transaction or investment - Tribunal held that transaction was really in the nature of an investment - Held that:- As relying on CIT v. Sutlej Cotton Mills Supply Agency Ltd. [1975 (7) TMI 2 - SUPREME Court] the view formed by the Tribunal was a possible view in the facts and circumstances of the case. The judgment is not, however, an authority for the proposition that since purchase was made by borrowed funds, it is bound to become a business transaction. The Tribunal in that case had taken a possible view. Therefore, the apex court did not interfere. The view taken by the learned Tribunal in this case is also based on evidence and is a possible view as submission of revenue that the Tribunal ignored the fact that the shares allegedly purchased in July were not taken delivery of till December nor was any payment made when the purchase was allegedly made in the month of July evidently is based on misreading of the evidence as it would appear from the assessment order that payment was made for the shares in the month of July itself through bill accommodation facility. - Decided against revenue.
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