Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 162 - ITAT AHMEDABADShare transactions - nature of income - business income or capital gain - Held that:- First we come to Assessing Officer’s reasoning that profits arising from sale of shares having less than a month holding period are to be treated as business income as per this tribunal decision in Sugamchand C. Shah vs. ACIT [2010 (1) TMI 942 - ITAT, Ahmedabad]. It is evident to us that yet another co-ordinate bench has already expressed disagreement with the earlier tribunal’s decision. The Assessing Officer’s view is held as to be not sustainable in this factual and legal backdrop. We come to the CIT(A)’s order to notice that he has enhanced Assessing Officer’s action in treating Short Term Capital Gain as business income from ₹ 29,07,962 to ₹ 40,26,576/- (supra). We do not find any such enhance notice under section 251(2) of the Act to have been issued to the assessee at the instance of the lower appellate authority. Learned Departmental Representative fails to rebut this factual position. We observe in these peculiar facts and circumstances that this issue required to be examined afresh by the Assessing Officer as per law after affording adequate opportunity of hearing to the assessee. Ordered accordingly. - Decided in favour of assessee for statistical purposes.
|