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Commissioner of Income Tax Versus Shri Upendra K. Doshi

2016 (11) TMI 971 - BOMBAY HIGH COURT

Profit arising on transactions carried out with borrowed funds - “Short Term Capital Gain” OR “Business Income” - Held that:- The facts in the present case are completely different from the facts existing in Assessment Years 2005-06 and 2006-07. In the subject assessment year, the assessee has carried out the business activity out of its own funds and the authorities have also rendered a finding of fact that the transactions are not large nor so frequent so as to hold that the respondent assesse .....

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nt None for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges a common order dated 14th August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Years 2005-06, 2006-07 and 200809. 2. The Revenue urges the following question of law for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in relying on the dec .....

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. The impugned order of the Tribunal relating to Assessment Year 200809, while dismissing the Revenue's appeal had directed the Assessing Officer to treat an amount of ₹ 1.24 crores arising on account of purchase and sale of shares as Short Term Capital Gain. The impugned order dismissed the appeal of the Revenue that the above amount of ₹ 1.24 crores should be classified as Business Income . The impugned order of the Tribunal while dismissing the Revenue's appeal placed reli .....

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borrowed funds in shares as Short Term Capital Gain instead of Business Income ? 5. Today, we have admitted the Revenue's appeal relating to Assessment Year 2005-06, being Income Tax Appeal No.850 of 2014 on the following substantial question of law. Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing the Assessing Officer to treat the profit arising on the transactions carried out with borrowed funds as Short Term Capital Gain instea .....

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