Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 1193 - AT - Income TaxCorrect head of income - treatment to be given to the profit arising to the assessee from the transactions in shares whether capital gain or business income? - assessee has mainly relied on Circular No.6/2016 dated 29.02.2016 issued by the CBDT in which the guidelines have been provided for dealing with the issue as to whether the profit arising from the transactions in shares is to be assessed as business income or capital gain - HELD THAT:- Since the applicability of the said circular as well as the decisions of the Hon’ble jurisdictional High Court in the two cases cited by the learned Counsel for the assessee to the facts of the present case is required to be verified/examined as rightly contended by the learned DR, we set aside the impugned order of the CIT(A) on this issue and restore the matter back to the file of the Assessing Officer for fresh consideration in the light of CBDT Circular No. 6/2016 dated 29.02.2016 and the decisions in the case of PCIT vs. Ramniwas Ramjivan Kasat [2017 (6) TMI 351 - GUJARAT HIGH COURT] and PCIT vs. Bhanuprasad D. Trivedi [2017 (9) TMI 840 - GUJARAT HIGH COURT]. AO is directed to verify the relevant facts of the case and decide the issue afresh in accordance with law after giving the assessee proper and sufficient opportunity of being heard. Appeal of the assessee is treated as partly allowed for statistical purposes.
|