Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
At the outset, the learned counsel for the assessee submitted that the assessee had filed an appeal before the ITAT being aggrieved by the order of learned CIT(A) who had treated the short term capital gains of `82,32,316/- as business income. The ITAT, vide its order dated 13th May, 2011, passed in ITA No.1962/Del/2009, had allowed the appeal of the assessee by holding as under:-
“The assessee has maintained investment portfolio as well as trading portfolio. The shares in the investment portfolio have been held in Demat account. Therefore, profit on sale of shares will be assessable under the head ‘short term capital gain’ and not as business income. The assessee’s case is squarely covered by the decision of Hon’ble Bombay High Court in the case of Gopal Purohit Vs. JCIT (supra). In view of the above discussion, it is held that the profits earned on sale of shares held as investment will be assessable under the head ‘short term capital gains’ and not as ‘business income’. We, therefore, decide this issue in favour of the assessee.”
Citation :
Deputy Commissioner of Income Tax, Circle-3(1), New Delhi. (Appellant) Vs. M/s CNB Finwiz Limited, 4318/3, Ansari Road, Darya Ganj, New Delhi – 110 002. PAN: AABCB2613A. (Respondent)
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