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Principal Commissioner of Income Tax Versus Bhanuprasad D. Trivedi - Huf

2017 (9) TMI 840 - GUJARAT HIGH COURT

Surplus arising from sale of shares and securities - short terms capital gains OR income from business - period of holding - Held that:- CIT (Appeals) and the Tribunal having applied parameters on the facts of the case and having come to the conclusion that the assessee's stand that the shares were held by way of investment and therefore the sale thereof should result in long term capital gain instead of business income, calls for no interference. - Addition u/s 68 - Held that:- Tribunal con .....

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7 - Dated:- 12-9-2017 - MR. AKIL KURESHI AND MR. BIREN VAISHNAV, JJ. For The Appellant : Mrs Mauna M Bhatt, Advocate For The Opponent : Mr B S Soparkar, Advocate ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These appeals involve the same group of assesses and also similar questions. We may therefore, record facts from Tax Appeal No. 676 of 2017. 2. This tax appeal is filed by the Revenue challenging the judgement of the Income Tax Appellate Tribunal dated 11.07.2016. The respondent-a .....

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. The CIT (Appeals) deleted both the additions upon which, the Revenue approached the Tribunal. The Tribunal confirmed the view of the CIT (Appeals). Hence, in this appeal, the Revenue has raised two questions which read as under: A. Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal has erred in treating surplus of ₹ 4,04,23,535/- arising from sale of shares and securities as short terms capital gains rather than income from business? B. Whether o .....

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ar dated 15.06.2007 highlighting that whether a particular holding of shares, by way of investment or forms part of the stock-in-trade, is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it has maintained any distinction between those shares which are stock-in-trade and those which are held by way of investment. The Tribunal also referred to the recent circular .....

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income from transfer of the shares as capital gain, the Assessing Officer would not dispute the same. Relying on such materials, the Tribunal confirmed the view of the CIT (Appeals) making following observations: 12. Considering the facts in hand, in the light of the aforementioned circular at the Board, in our considered opinion, the intention of the assessee at the time of the purchase of shares is paramount. If the assessee has clear intention of being an investor and showing the shares of i .....

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