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Pr. Commissioner of Income Tax-09 Versus W.G. Share Broking Pvt. Ltd.

2016 (8) TMI 958 - DELHI HIGH COURT

Transaction of shares - business income or capital gain - Held that:- Both the CIT (A) and the ITAT have concurrently concluded on facts that the Assessee has in its books of account been treating separately the shares held as investment and those held as stock-in-trade. The ITAT noted that merely because the Assessee was engaged in trading of stocks, derivatives and features, it did not mean that the Assessee was "precluded from maintaining investment portfolio."The ITAT referred to CBDT Circul .....

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tfolio the same is treated as investments in the books of account and where the shares are held for trading purposes the profit arising there on is offered to taxed under the business head." - Having heard the submissions of Mr. Manchanda, the Court is not persuaded to re-examine the above concurrent finding on facts by both the CIT (A) and the ITAT. No case has been made out by the Revenue that the above factual findings are perverse warranting interference by the Court. As regards the Expl .....

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by the Revenue are directed against the common judgment dated 19th August 2015 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA Nos. 2559 and 2553/Del/2011 for the Assessment Years ( AYs ) 2006-07 and 2007-08. 2. The central question that has been urged by the Revenue in these appeals is that the ITAT erred in affirming the order of the Commissioner of Income Tax (Appeals) [ CIT(A) ] which reversed the orders of the Assessing Officer ( AO ) treating the entire profit from share trans .....

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,07,636/- would be capital gains. The ITAT also concurred with the CIT (A) on the question of splitting the interest expenditure incurred in connection with income from capital gains and business income. 3. It is sought to be urged by Mr. Ashok K. Manchanda, learned Senior Standing counsel for the Revenue, that on the facts of the present case where the Assessee s income from shares allegedly held as investment was disproportionately higher than that derived from the shares held as stock-in-trad .....

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