GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2016 (4) TMI 168 - BOMBAY HIGH COURT

2016 (4) TMI 168 - BOMBAY HIGH COURT - TMI - Penalty u/s 271(1) (c) - change of the head of income for purposes of taxation - Held that:- We find that in the present facts the Tribunal has rendered a finding of fact that the Respondent-Assessee has furnished all details of income in its Return of Income filed. Further on the basis of details furnished by the Respondent, the Assessing Officer had only changed the head of income. The view taken by the Tribunal in the impugned order that mere chang .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

der the Act as appropriately classifiable as income from capital gains at the instance of the Revenue could not result in imposition of penalty. - Decided in favour of assessee - Income Tax Appeal No. 2067 of 2013 - Dated:- 21-3-2016 - M. S. Sanklecha And A. K. Menon, JJ. For the Appellant : Mr. Suresh Kumar a/w Ms. Samiksha Kanani For the Respondent : Ms. Sanjukta Chowdhary ORDER P. C. 1. This Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 (the "Act") takes .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Income Tax (Appeals)?" 3. The Respondent-Assessee is engaged in the business of trading in shares and providing financial consultancy. During the subject assessment year the Respondent-Assessee in its Return of Income had claimed short term capital gains on sale of share aggregating to ₹ 1.39 crores and profits on the business of sale of shares at ₹ 6.19 lakhs. The Assessing Officer by his Assessment Order dated 8th September, 2009 passed under Section 143(3) of the Act held tha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

m capital gains on sale of shares is appropriately classifiable as profits and gains of business. Being aggrieved, the Respondent-Assessee has carried this issue in Appeal to this Court being Appeal No.1414 of 2011. This Appeal in quantum proceedings has been admitted as giving rise to substantial question of law and is awaiting disposal. 5. In the meantime, the Assessing Officer having initiated the Penalty Proceedings under Section 271(1)(c) of the Act by an order dated 30th May, 2011 imposed .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

all details of its income and claimed a part of income to be classified as a short term capital gains was infact appropriately classifiable as income from business. The Tribunal in its impugned order relied upon its decision in the case of Sukdham Construction and Developers V/s. DCIT (Income Tax Appeal No.2172/M/2011) on identical facts to conclude that the mere change of head of income does not ipso facto lead to the conclusion that the Respondent-Assessee had concealed the particulars of inc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Advanced Search


Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

20-7-2017 GST CESS Rate

19-7-2017 IT

19-7-2017 IT

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

More Notifications


Latest Circulars:

21-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

19-7-2017 Goods and Services Tax

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version