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Satish Kumar Gupta Versus Assistant Commissioner of Income Tax

2015 (11) TMI 73 - DELHI HIGH COURT

Treatment of the purchase and sale of shares - Determination of income - short term capital gains and long term capital gains or business income - Held that:- The Court finds merit in the contention of learned Senior counsel for Assessee that the ITA .....

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the ITAT. The CIT (A) should have been given a free hand to arrive at an independent decision uninfluenced by the observations of the ITAT on merits.

Accordingly, the impugned order of ITAT is modified by directing that the CIT (A) will un .....

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ITA No. 552/2015 - Dated:- 19-10-2015 - S. Muralidhar And Vibhu Bakhru, JJ. For the Petitioner : Mr. Ajay Vohra, Senior Adv with Ms. Kavita Jha, Mr. Gaurav Jain, Adv For the Respondent : Mr. Rahul Chaudhary, Adv with Mr. Ruchir Bhatia, Adv ORDER 1. .....

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06/Del/2010 and 4946/Del/2011 for the Assessment Years ("AYs") 2006-07, 2007-08 and 2008-09 respectively. 2. The common issue involved in the appeals before the ITAT was the action of the Commissioner of Income Tax (Appeals) [CIT (A)] in tr .....

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ed carpets and handicrafts for over thirty years. According to the Appellant, simultaneous with the said business, he also invested surplus funds in shares and mutual funds including investment through portfolio management schemes ("PMS") f .....

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sale of shares and mutual funds was business income on account of the large number of scrips in which the Assessee had dealt with and the frequency of the transactions. 5. The CIT (A), after seeking a remand report from the AO, accepted the plea of .....

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k to the CIT (A) observed that the question as to whether income from PMS was in the nature of capital gains or business income has not been addressed. The ITAT further observed that given the number of scrips dealt with by the Assesseee coupled with .....

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sold shares as on the close of accounting year as investments yet he was a both trader and an investor . While setting aside the order of the CIT (A), the ITAT directed the CIT (A) to re-examine the three AYs independently as the entire facts in one .....

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