TMI Blog2017 (9) TMI 468X X X X Extracts X X X X X X X X Extracts X X X X ..... ent proceedings are not an opportunity to make additional / fresh/ revised claim for any benefit/ deduction, which was not there in the original return - Held that:- Fact of these case are identical with the case of CIT Vs. Bharat Alluminium Co. Ltd., [2007 (5) TMI 228 - DELHI HIGH COURT] wherein the Hon'ble Jurisdictional Delhi High Court has held that the revised computation of income could be accepted even after the time limit to file revised as prescribed under section 139(5) of the Act. The judgment of Apex Court in Goetze India Ltd. [2006 (3) TMI 75 - SUPREME Court] relied by the Assessing Officer is on totally different facts therefore, applying the same to the case of the assessee, would not be correct In view of the above, the Assessing Officer's decision in rejecting the claim of the assessee for set off of loss is incorrect - Decided against revenue - ITA No. 1191/Del/2011 - - - Dated:- 1-9-2017 - SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER For The Department : Sh. Sharavan Gotru, Sr. DR For The Assessee : N o ne ORDER PER H.S. SIDHU, JM The Revenue has filed the present appeal against the impugned orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of business activity of the assessee. Then the proceeds arising from the sale of shares would come within the ambit of business receipts. Hence, he treated the ₹ 1,37,69,661/- as business income of the assessee and taxed at 30% vide order dated 18.12.2009 passed u/s 143(3) of the Act and assessed the income of the assessee at ₹ 1,37,70,422/- and allowed setoff losses of ₹ 58,75,272/- as business loss. 3. Aggrieved by the assessment order dated 18.12.2009, assessee filed appeal before the Ld. First Appellate Authority who has allowed the appeal of the assessee vide order dated 09.12.2010. 4. Ld. DR relied upon the order of the AO and reiterated the contentions raised in the grounds of appeal and requested that the appeal of the Revenue may be allowed. 5. In this case Notice of hearing was issued to the assessee on the address as per record for 14.8.2017 by RPAD and in response to the same, neither the assessee nor its AR appeared nor filed any application for adjournment. Therefore, keeping in view facts and circumstances as explained above, we are of the view that assessee is not interested to prosecute the matter in dispute and no useful purpose would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rade or is merely for investment purposes. We further find that the Assessing Officer has first discussed that the opening stock with the assessee was 91100 shares amounting to ₹ 42,57,794/- and closing stock of 132704 scrips amounting to ₹ 1,11,70,283/-. It is also mentioned that the assessee made purchases 16,86,32,063/- and sales of ₹ 17,67,32,895/-. The AO has thus concluded from this, that the assessee had the intention to trade to earn quick profits and this was assessee's usual trade or business. Secondly, the Assessing Officer has highlighted the fact that there was no long term capital gain earned by the assessee and all the gains were Short Term Capital Gains coupled with the fact that assessee only earned dividend of ₹ 36,404/-. It has been concluded that the assessee was purely driven profit motive to earn quick profits. The Assessing Officer has also highlighted-that value of transaction run into crores and the frequency was also very high. The Assessing Officer has further observed that the assessee had only ₹ 5 lacs as his capital in the preceding year and therefore, it was clear that investment in the shares had been made out of bor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tutional Investors (FIls), the long term capital gain and Short Term Capital Gains are taxed at the rate of 10% (without indexation) and 30% respectively. In case of a trader in securities, however, the gains are taxed as any other normal business income. With a view to simplify the tax regime on securities transactions, it is proposed to levy a tax at the rate of 1.15 per cent. on the value of all the transactions of purchase of securities that take place in a recognized stock exchange in India. This tax shall be collected by the stock exchange from the purchaser of such securities and paid to the exchequer. The provisions relating to the proposed tax are contained in Chapter VII of the Finance (No.2) Bill, 2004, and shall take effect from the date this Chapter comes into force. Further, it is proposed to insert clause (38) in section 10 of Income Tax Act, 1961, so as to provide exemption from long term capital gain arising out of securities sold on the stock exchange. It is also proposed to insert a new section l11A and amend section 115AD of Income Tax Act, 1961, so as to provide that Short Term Capital Gains arising from sale of such securities to an investor includ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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