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2015 (11) TMI 73 - HC - Income TaxTreatment of the purchase and sale of shares - Determination of income - short term capital gains and long term capital gains or business income - Held that:- The Court finds merit in the contention of learned Senior counsel for Assessee that the ITAT appears to have prejudged the issue whether the Assessee was also a trader in shares apart from being an investor. That conclusion was required to be arrived at by the CIT (A) after re-examining the matter in the light of the issues highlighted by the ITAT. The CIT (A) should have been given a free hand to arrive at an independent decision uninfluenced by the observations of the ITAT on merits. Accordingly, the impugned order of ITAT is modified by directing that the CIT (A) will undertake the exercise of examining the materials de novo and arriving at a decision uninfluenced by the observations and/or conclusions of the ITAT including whether the Assessee was both a trader and an investor.
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