Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 206 - AT - Income TaxIncome earned profit on sale of mutual funds - capital gain OR business income - Holding period - Magnitude of the investment - Held that:- Holding period of the assessee is minimum of 72 days and maximum of 186 days in the four schemes. As the assessee contended before the CIT(A) that these are the only four transactions during the year. Magnitude of the investment coupled with the volume is also not much. CIT(A) relying on the decision of the BS Raju Vs. Addll. CIT [2010 (10) TMI 1041 - ITAT HYDERABAD] held that same is capital gain. He further held that in case of mutual fund the assessee does not have any control on the manner in which further investment have been made. Further, in case of the assessee, in earlier years the revenue has accepted the claim of the assessee as capital gain or loss. There is no change shown to us in the facts of the case this year. In this year only there is a change in the stand of the revenue. CIT(A) has also followed the principle of consistency. On reading of the order of the CIT(A) we do not find any infirmity in holding profit of sale of mutual fund earned by the assessee as chargeable to tax under the head capital gain and not as business income. - decided against revenue.
|