Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 914 - AT - Income TaxTransaction of shares - business income instead of short term capital gain - Held that:- In the immediately subsequent year, ld. Assessing Officer has treated the asssessee as an investor. Similarly, in Assessment Year 2010-11 again, ld. Assessing Officer has accepted the assessee as investor vide assessment order dated 28-01-2013 passed u/s. 143. According to the assessee, in earlier years also, her status was never changed by the Assessing Officer. On due consideration of these facts, we are of the view that ld. Assessing Officer was simply influenced by magnitude of transactions. To our mind, magnitude of transaction is one of other factor amongst others for deciding the nature of investment, whether it was a trading in shares or simplicitor investment. Therefore, looking to the facts and circumstances and the finding of the Commissioner of Income Tax (Appeals), we do not see any reason to interfere in the order of the Commissioner of Income Tax (Appeals) deleting the addition of ₹ 61,64,711/- out of ₹ 61,97,756/- treated by Assessing Officer as business income instead of short term capital gain shown by the assessee. - Decided against revenue. Addition on interest income - CIT(A) deleted the addition - Held that:- Without appreciating the fact that FD’s have not matured at the end of the year and, hence, the said interest figure cannot be adopted, the ld. Assessing Officer has erred in taking the figure of ₹ 2,63,748/- against the figure of ₹ 1,12,748/-. The assessee has produced TDS certificate from the bank for the period from 01-04-2007 to 31st March, 2008 showing the bank interest income on FD at ₹ 1,35,552/-. This income has been offered by the assessee for taxation.Commissioner of Income Tax (Appeals) has rightly deleted the addition because that income has not accrued to the assessee. Ld. Assessing Officer has erroneously adopted the higher figure, therefore, we do not find any merit in this ground of appeal also. It is rejected.- Decided against revenue.
|