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2017 (1) TMI 1291 - BOMBAY HIGH COURT

2017 (1) TMI 1291 - BOMBAY HIGH COURT - TMI - Income from sale of shares - Short Term Capital Gains or Income from Business and Profession - Held that:- We find that the distinction made on behalf of the Revenue does not carry the matter any further. This for the simple reason the table which has been reproduced in the impugned order and on which reliance is placed gives the details of aggregate purchases and dividend received and not those relatable to short term capital gain only. Moreover, it .....

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e Tax Appeal No. 906 of 2014 - Dated:- 16-1-2017 - M. S. Sanklecha And A. K. Menon, JJ. Mr. A. R. Malhotra a/w. Mr. N.A. Kazi for the Appellant ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 ('the Act') challenges the order dated 11th September, 2013 passed by the Income Tax Appellate Tribunal ('the Tribunal'). The impugned order is in respect of Assessment Year 2008-09. 2. The appeal urges the following question of law for our consideration:- (a) Wheth .....

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also claimed an amount of ₹ 1.18 crore as Short term Capital gains on account of dealing in shares and stocks. The Assessing Officer did not accept the respondent-assessee's claim of ₹ 1.18 crore being classifiable as short term capital gains and held it taxable as business income. 4. Being aggrieved the respondent-assessee carried the issue in appeal to the Commissioner of Income Tax (Appeal) (CIT(A)). By the order dated 12th December, 2011, CIT(A) on examination of the facts re .....

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ernal sources for investing. (e) For earlier Assessment years i.e. 2007-08 and 2008-09 she was assessed to tax as an investor. (f) On the aforesaid facts, the CIT(A) recorded that the tests laid down in instruction no. 1827 dated 31st August, 1989 and instruction dated 16th May, 2006 issued by the Central Board of Direct Taxes to distinguish between shares held in stock in trade and shares held as investment stood satisfied. Accordingly, the respondent-assessee's appeal was allowed. 5. Being .....

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