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2016 (5) TMI 690 - ITAT AHMEDABADShare transactions - Capital gain or income from business - Held that:- In the facts and circumstances of the instant case, on the basis of principle of consistency alone, the action of the revenue authorities was liable to be quashed. It was ordered accordingly and the Assessing Officer was directed to accept the claims of assessee in regard to short-term capital gain and long-term capital gain. The ratio laid down in Gopal Purohit vs. JCIT (2009 (2) TMI 233 - ITAT BOMBAY-G ) supports the case of assessee before us. We find that the assessee is only an investor in shares. Merely because the volume of transactions had gone up, the character of the assessee as an investor does not change. Thus, addition made by the Assessing Officer treating the Short Term Capital Gain as business income is not justified and assessee's claim to treat the profit on sale of shares as Short Term Capital Gain, is required to be accepted. Assessing Officer is directed accordingly. - Decided in favour of assessee
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