If assessee holding share as Investment and as Stock in Trade and no question raised on that than it cannot be changed on the basis of amendment in the law
Last updated: 04 January 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Brief facts of the case are that the assessee-company in the relevant assessment year carried on the business of trading in shares and securities and investment in shares and securities. The Assessing Officer noticed that the assessee had shown long-term capital gains and short-term capital gains from sale and purchase transaction of shares. The net profit on sale of investment was shown at Rs.1,79,79,275/-. He further noticed that assessee had shown both trading and investment activity. He required the assessee to explain as to why the profit on sale of shares amounting to Rs.1.79 crores be not treated as business profit. The assessee’s reply has been reproduced at pages 2 & 3 of assessment order
Citation :
Income Tax Officer, Ward-12(3) (Appellant) Vs M/s. Landmark Finance Pvt. Ltd., Kolkata (PAN : AAACL 4460 A)(Respondent)
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CS Bijoy
Published in Income Tax
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