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2015 (6) TMI 488 - AT - Income TaxProfit resulted from share dealings - short term capital gains or business income - Held that:- Assessee company was originally engaged in the business of investment and financing. The assessee has converted the trading stock into investment by passing a resolution on 30.07.2004. The net value of closing stock of shares as on 30.07.2004 was at ₹ 25,97,534/- and the credit value was at ₹ 35,20,077/-. The company offered the difference of ₹ 9,22,543/- for taxation but the AO treated the entire conversion of stock into investment at ₹ 35,20,077/- as business income in view of the provisions of section 45(2) of the Act. We find that this issue is covered by the decision of ACIT Vs. Bright Star Investment Pvt. Ltd.,[2008 (7) TMI 442 - ITAT BOMBAY-H]. In view of the above, we find no infirmity in the order of CIT(A) deleting the addition made by AO on account of profit arising from sale of share dealing as business income as against declared by assessee as Short term Capital Gains - Decided in favour of assessee. Disallowance of Foreign travel expenses of Director - CIT(A) deleted addition - Held that:- since domestic and foreign travelling of Mrs. Madhurika Khaitan an executive and employee of the company was for the purpose of business promotion. Therefore, the addition made by the A.O. on this ground is not sustainable. - Decided in favour of assessee. Addition on account of donation - CIT(A) deleted addition admitting fresh evidence - Held that:- the assessee has submitted ATG Certificate of the donee Durga Prasad Khaitan Charitable Trust along with a receipt of donation of ₹ 50,000/-. According to us, this is new evidence, which requires verification. Ld. Counsel for the assessee also not objected to the same. In term of the above, we set aside this issue to the file of AO for verification and decide the issue as per law. - Decided in favour of assessee for statistical purposes.
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