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2017 (10) TMI 537 - AT - Income TaxIncome from sale of shares - nature of income - Business income OR STCG - as per revenue intention of the assessee was not to invest in shares, but to earn profit from sale of shares - Held that:- We find that during the year, the assessee has purchased and sold the shares of ₹ 22.03 crores and odd and ₹ 24.12 crores and odd respectively. Some of the shares of Axis Bank were purchased in the previous year, out of which some were sold and balance has been shown as on 31.03.2009. On examination of the tables reproduced above, we observe that the assessee has made purchase of shares 57 times and sale of shares 59 times. There are several instances when the assessee has purchased the shares and sold them either the same day or after a few days. In most of the cases, the assessee has done intraday transactions. From the above part of the balance sheet, it is clear that there is no change in the shares of some companies, which remained as it is in F.Y. 31.03.2009 and 31.03.2010. In case of other shares – K.K. Securities, the assessee had value of shares at ₹ 1,71,62,647/- as on 31.03.2009 but up to the impugned year, the assessee has sold all the shares. On perusal of the computation filed by the assessee and the capital account, the assessee has not received any dividend during the year. The assessee has received only dividend of ₹ 350/- in F.Y. 31.03.2009. In view of the characteristics of share transactions undertaken by the assessee, we do not find any justification to discard the findings reached by the authorities below on this issue. See MANOJ KUMAR SAMDARIA Versus COMMISSIONER OF INCOME TAX-I [2014 (5) TMI 229 - DELHI HIGH COURT] - Decided against Assessee. Non accepting Jobbing Losses as Business Loss/Short Term Capital Gains - Held that:- Assessing Officer has noted that there is net speculation loss on jobbing transactions of ₹ 2,13,007/- which has not been allowed to the assessee for carry forwarding in the next year because the assessee has filed the return on 20.03.2011 and the ld. CIT(A) has upheld the action of the Assessing Officer which, in our opinion, does not call for any interference. The return of income has been filed belatedly. Therefore, the loss cannot be carried forward as per provisions of the Income-tax Act. Therefore, the ground taken by the assessee for carry forward of the speculation loss is also dismissed.
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