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2016 (9) TMI 335 - BOMBAY HIGH COURT

2016 (9) TMI 335 - BOMBAY HIGH COURT - TMI - Sale proceedings of the shares / warrants - Short Term Capital Gain OR Business income - Held that:- We find that the two Authorities, namely, CIT(A) and the Tribunal by the impugned orders have held that the respondent assessee is an Investment Company. Further it is held that in respect of the shares in Lok Housing, which were sold during the subject assessment year giving rise to capital gains of ₹ 25.54 lakhs, the income was chargeable to ta .....

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sessee is an Investment Company and the shares of Lok Housing were held for over a period of four to seven months from the date of their conversion into Demat form. No substantial question of law. - Decided against revenue - Income Tax Appeal No. 394 of 2014 - Dated:- 29-8-2016 - M. S. Sanklecha And S. C. Gupte, JJ. Ms. S.V. Bharucha a/w Ms. Padma Divakar for the appellant Mr. R. Murlidhar a/w Mr. Atul Jasani for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, .....

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le proceedings of the shares / warrants as Short Term Capital Gain as against the business income assessed by the Assessing Officer ? 3. The respondent assessee claims to be an Investment Company. In its return of income for the Assessment Year 2008-09, it had claimed an amount of ₹ 25.54 lakhs as profit made on sale of its shares in M/s. Lok Housing & Construction Ltd. (Lok Housing), subject to tax under the head Capital Gains . This claim was made on the basis that on 11th May, 2006, .....

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Being aggrieved, the respondent assessee carried the issue in appeal. By an order dated 19th August, 2011, the Commissioner of Income Tax (Appeals) [CIT(A)] recorded the fact that the shares in Lok Housing giving rise to income chargeable to tax were out of purchase of convertible warrants in Lok Housing on 11th May, 2006. These warrants were converted into shares on 28th August, 2007. However, the same were demated on 11th December, 2007. In the above view, the CIT(A) held that the period for .....

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