TMI Blog2015 (10) TMI 1704X X X X Extracts X X X X X X X X Extracts X X X X ..... riteria for bifurcating the transactions relating to the short term capital gain, which is neither proper and nor justified. Respectfully following the same we have to necessarily dislodge this direction of the Ld. CIT(Appeals). We hold that the entire profits from the purchase and sale of shares have to be assessed under the head “capital gains”. From the above findings of Hon’ble Tribunal we find that assessee has been granted relief in this respect and therefore the penalty imposed by AO does not survive. - Decided in favour of assessee. - ITA No: 736/Del/2012 - - - Dated:- 1-9-2015 - SHRI T.S. KAPOOR AND SMT BEENA A PILLAI, JJ. For The Appellant : Smt. Parvinder Kaur, Sr. DR For The Respondent :Shri Santosh K Aggarwal, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted that it was going to file appeal before the Ld CIT(A) against the order. Ld. CIT(A), vide his order dated 01.04.2010 (Appeal No. 342/08-09), has partly allowed the appeal of the assessee, and held that ₹ 36,09,941/- earned by the assessee on account of sales of shares is business income, and thus confirmed the addition made by the AO at least up to this extent. The relevant extract of the decision of the Ld. CIT(A) on this very issue is reproduced below.- I am of the view that it cannot be said in respect of sale of shares made within a short period of 30 days of purchase of shares that these shares has also been purchased by the appellant company by way of investment and gain arising on sale of these shares should als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n treated as Business Income; which have very less magnitude of transactions during the assessment year and genuine expenses were claimed under the bona fide belief that they are allowable which were disallowed by your honour. There is neither any concealment nor any inaccurate particulars of any income. All the facts are on record and were disclosed suo motto. It is submitted that on the facts and in the circumstances of the case and in law no penalty under section 271 (1) (c) of the Act is leviable. Disallowance made by the Assessing Authority in the Assessment Order under section 143(3) of the Act were solely on account of different views taken on the same set of facts, and, therefore, they could, at the most, be termed as differ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sought to be evaded Rs.10,82,982/- Minimum penalty @ 100% of tax ₹ 10,82,982/- Maximum penalty @ 300% of tax ₹ 32,48,946/- 3. We find that the Hon ble Tribunal vide its order dated 12th December, 2014 has disposed of cross appeals for assessment years 2006-07 and 2007-08. In the assessee s appeals for the assessment year 2006-07 ground No. 2 reads as under:- 2. That the CIT(A) erred in holding that the gain of ₹ 36,09,941/- out of the total short term capital gain from sale of shares was business profit 4. The Hon ble Tribunal vide para 8.3 and 8.4 had decided this ground in favour of assessee vide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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