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2023 (7) TMI 1271 - AT - Income TaxCorrect head of income - Nature/characterization of income - gain on sale of shares - importance of the rule of consistency - analysis of period of holding - short term capital gains u/s.111A or business income - HELD THAT:- As in the immediately preceding assessment year and also in subsequent assessment year on similar high value transaction the AO has accepted the profits as short term capital gains. As pertinent to mention to the observations of the Hon’ble High Court of Delhi in the case of Prem Kumar Chopra [2023 (5) TMI 1228 - DELHI HIGH COURT] wherein the Hon’ble High court has highlighted the importance of the rule of consistency that consistency does not mean putting iron fetters on the subsequent decision making; it only means expecting that a deviation from the previous decision in similar set of circumstances is explained by way of cogent and rational reasons.The appeal filed by the revenue is dismissed.
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