Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 1227 - AT - Income TaxProfit earned on sale of share - long-term capital gains OR business income - Held that:- There has been some deviation to the contentions placed by learned authorised representative in relation to consistent treatment of transactions of purchase/sale of shares under the head "shares investment account". There is no dispute that the books of account are audited under section 44AB of the Act duly certified by the chartered accountant and showing the total stock of equity shares held by the assessee in trading and profit and loss account and has been treated as closing stock and no information is placed on record that whether such stock has been converted into capital account or vice versa. In these circumstances in order to verify the submissions/claim of the assessee of capital gains from shares held in shares investment account in the light of our working as well as questions raised, it will be just and proper to remit this issue back to the file of the Assessing Officer before whom the assessee will place all records. If the Assessing Officer is satisfied that the assessee has consistently treated the shares investment account as her investment for long-term purposes and has not shifted the stock in investment account to shares trading stock account or share derivatives account or vice versa then the Assessing Officer will accept the claim of the assessee of claiming deduction under section 10(38) of the Act for long-term capital gains from sale of equity shares and if contrary results are discovered by the Assessing Officer from the records made available by the assessee then such total income from the transaction of purchase/sale of shares in all the three sub-groups account shall be treated as business income - Decided in favour of assessee for statistical purposes.
|