Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
CGST - Acts + GST Rates GST Ntf. GST Forms GST - Manual GST - FAQ State GST Acts SGST Ntf. I. Tax Manual
Extracts
Home List
← Previous Next →

PRINCIPAL COMMISSIONER OF INCOME TAX AHMEDABAD-3 Versus JAYANTIBHAI M. PATEL

Income arising from sale of shares /mutual funds - capital gain OR business income - Held that:- Considering the material on record, more particularly, number of transactions, holding period and the treatment given with respect to similar income in the earlier Assessment Years when the similar income is considered as capital gain and not treated as business income, it cannot be said that the learned CIT(A) as well as the learned tribunal have committed any error in holding the income of the asse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ut with respect to different Assessment Years, both these Appeals are decided and disposed of by this common judgment and order. [1.1] Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal D Bench, Ahmedabad (hereinafter referred to as the learned tribunal ) dated 30/03/2016 in ITA Nos.1051/Ahd/2011 for the Assessment Year 2007-08 by which the learned tribunal has dismissed the said Appeal preferred by the revenue and has conf .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d 30/03/2016 in ITA No.2760/Ahd/2011 for the Assessment Year 2008-09 by which the learned tribunal has dismissed the said Appeal preferred by the revenue and has confirmed the order passed by the learned CIT(A), revenue has preferred Tax Appeal No.76/2017 to consider the aforesaid question of law. [2.0] For the sake of convenience, facts of Tax Appeal No.38/2017 with respect to the Assessment Year 2007-08 are narrated and considered. [2.1] The Assessing Officer framed scrutiny assessment under S .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the same and treated the aforesaid income as income from business. Feeling aggrieved and dissatisfied with the order passed by the Assessing Officer in considering the aforesaid income as income from business and consequently determining the total income at ₹ 2,03,36,870/-, assessee preferred Appeal before the learned CIT(A). Learned CIT(A) considering the material on record and number of transactions, period of holding of shares /mutual funds etc. set aside the order passed by the Assessi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nfirmed by the learned tribunal for the Assessment Year 2008-09. [4.0] Shri Varun Patel, learned Counsel appearing on behalf of the revenue has vehemently submitted that the learned tribunal has materially erred in confirming the order passed by the learned CIT(A) in holding that the income of the assessee arising from the sale of shares /mutual funds is to be treated as capital gain instead of business income. It is vehemently submitted that considering the number of transactions of sale of sha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Soparkar in ITA No.1050/Ahd/2011 for the Assessment year 2007-08 mechanically. Making the above submissions, it is requested to admit /allow the present Appeals. [5.0] We have heard Shri Varun Patel, learned Counsel appearing on behalf of the revenue at length. We have perused the impugned judgment and order passed by the Assessing Officer, learned CIT(A) and the learned tribunal. It is required to be noted that on appreciation of material on record, more particularly, number of transactions, h .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

be said to be perverse and /or contrary to the evidence on record. At this stage, the observations made by the learned CIT(A) while holding that the income of the assessee arising from the sale of shares /mutual funds is to be treated as capital gain are referred to and considered in paragraph 2.2 to 2.2.3 as under; 2.2. I have considered the submissions made by the A.R. of the appellant and the observations of the Assessing Officer in the assessment order. It is seen that the appellant is havi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ails produced before me by the A.R. of the appellant in respect of short term capital gain /long term capital gain (in form of Chart). Accordingly on the identical facts, the A.O. cannot deviate from the view adopted in earlier year. However, on going through the page no.11 (paper book no.1) that there are four transactions aggregating an amount of ₹ 18,811/- in which there is a negative dates shown under the head short term capital gain which cannot be allowable as STCG. 2.2.3 Therefore, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version