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Commissioner of Income Tax -25 Versus Paresh C. Jain

2015 (10) TMI 2377 - BOMBAY HIGH COURT

Short term capital gains - whether volume and frequency of trades indicated that the respondent was a trader? - Held that:- There are concurrent findings of facts recorded by the Commissioner of Income Tax (Appeals) and the Tribunal holding that the respondent-assessee is engaged in investment activities resulting in 'Short Term Capital Gains.' In fact in the preceeding Assessment year on identical facts the respondent-assessee 's claim for loss under the head 'Short Term Capital Gains had been .....

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ate Tribunal (the Tribunal). The impugned order is in respect of A.Y.2008-09. 2. Mr.Pinto learned counsel for the revenue only urges following questions of law for our consideration: "Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in upholding the order of the CIT (A) confirming the fact of short term capital gains when the volume and frequency of trades indicated that the respondent was a trader ?" 3. For the subject assessment year, th .....

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ss income. Otherwise it has been classified under the head 'Short Term Capital Gains.' The Assessing Officer by order dated 1st December 2010 did not accept the respondent's submission and came to the conclusion that the amount shown as 'Short Term capital gain' had to be taxed as income from business. 4. In appeal, the Commissioner of Income Tax (Appeals) allowed the respondent-assessee' appeal holding that in the earlier assessment year i.e.A.Y.2007-08 on identical fact .....

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hare transactions should be taxed only as income from business as held by the Assessing Officer. The Tribunal applied the Circular of the C.B.D.T. No.1/2007 dated 15th June, 2007 and held that in the subject assessment year there was no investments made out of the borrowed funds. Besides, the respondent maintained two portfolios one in respect of trading in shares and the other of investment in shares. It also recorded the fact that in respect of transaction where no delivery of shares was taken .....

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