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2016 (7) TMI 53 - BOMBAY HIGH COURT

2016 (7) TMI 53 - BOMBAY HIGH COURT - TMI - If gain on account of purchase and sale of shares is in the nature of business income, then, the interest paid by the respondent-assessee for borrowing funds for its business has necessarily to be allowed - Income Tax Appeal No. 2442 of 2013 - Dated:- 7-6-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. A. R. Malhotra a/w N. A. Kazi for the Appellant None for the Respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the A .....

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eturn of income? (ii) Whether, on the facts and circumstances of the case and in law, the Tribunal is right in holding that the borrowed funds, on which interest has been paid by the assessee, were utilized for the purpose of business and is an allowable expenditure when the assessee himself had declared the income from sale and purchase of shares as capital gain in his return of income? 3. Brief facts: The respondent-assessee has filed a return of income, inter alia, disclosing as short term ca .....

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of Income Tax(Appeals), the respondent-assessee claimed that the profit/loss on account of amounts attributable to short term capital gain/loss should be classified as business income as it did not arise out of investments. However, the CIT(A) by order dated 1st June, 2012 did not accept the contention of the respondent-assessee. Thus leaving the Assessment Order dated 30th December, 2011 undisturbed on the above issue. 5. Being aggrieved, the respondent carried the issue in appeal to the Tribun .....

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