Investment made through portfolio management cannot be consider as business
Last updated: 22 March 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The only issue that arises for adjudication is whether the assessee is a “Trader” or an “Investor”. The Assessing Officer held that the assessee is engaged in the business activity as far as share purchase and sale are concerned. The first appellate authority agreed with the assessee and held that the assessee is an “Investor”. Aggrieved, the Revenue is in appeal before the Tribunal.
Citation :
Asstt. Commissioner of Income Tax Circle-13(3), Aayakar Bhavan Dr. M.K. Road, Mumbai 400 020………….………. Appellant V/s Mr. Omprakash Kheta ¾, Kapadia Chambers 51, Broach Street Devi Ratanshey Marg Mumbai 400 009 PAN – AACPK8733G.…….………. Respondent
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CS Bijoy
Published in Income Tax
Views : 1717
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