Santosh Mohanlal Rathi,, Pune Deputy Commissioner of Income-tax

Last updated: 18 December 2020

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This Income Tax Appellate Tribunal case concerns Santosh Mohanlal Rathi, who declared a capital gain of over £900,000 from share trading for the 2010-11 assessment year. The appeal challenges the Commissioner of Income Tax (Appeals)'s decision to classify the profit on the sale of shares as business income, rather than capital gains as claimed by the assessee. Mr. Rathi is an individual engaged in share trading and also works as a sub-broker.

Court :
ITAT Pune

Brief :
This appeal by the assessee against the order dated 29-07-2016 passed by the Commissioner of Income Tax (Appeals)-2, Pune [‘CIT(A)’] for assessment year 2010-11.

Citation :
ITA No.2464/PUN/2016

IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE

BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER
AND
SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER

ITA No.2464/PUN/2016
Assessment Year : 2010-11

Santosh Mohanlal Rathi,
Flat No. 8 & 9,
Tulsi Apartment,
Rasta Peth,
Pune – 411011
PAN : ADBPR7665N
Appellant

V/s.

Dy. CIT, Circle-2, Pune
Respondent

Assessee by : Shri Prateek Jha
Revenue by : Shri S.P. Walimbe

Date of Hearing : 05-11-2020
Date of Pronouncement : 09-12-2020

ORDER

PER S.S. VISWANETHRA RAVI, JM :

This appeal by the assessee against the order dated 29-07-2016 passed by the Commissioner of Income Tax (Appeals)-2, Pune [‘CIT(A)’] for assessment year 2010-11.

2. Ground No. 1 raised by the assessee challenging the action of CIT(A) in upholding the profit on sale of shares is business income as against the claim of income from Capital Gains.

3. The brief facts relating to the issue on hand are that the assessee is an individual and engaged in share trading and a sub-broker of M/s.Emkay Shares & Stock Brokers Ltd., Mumbai. The assessee declared a capital gain of Rs.90,47,345/-. The quantum of sale and purchase along with the transaction value of the various scrips is reproduced below :

To more in details find the attachment file