2010 (11) TMI 222 - SCH - Income Tax

SC dismissed the appeal against the order of HIGH COURT OF BOMBAY (2010 -TMI - 35188 - HIGH COURT OF BOMBAY) wherein HC has maintained the order of ITAT (2009 -TMI - 59499 - ITAT BOMBAY) in which ITAT has held that the delivery based transactions in the present case, should be treated as those in the nature of investment transactions and the profit received therefrom should be treated either as short term or, as the case may be, long term capital gain, depending upon the period of the holding. Further, the principle of res judicata is not attracted since each assessment year is separate in itself. The Tribunal held that there ought to be uniformity in treatment and consistency when the facts and circumstances are identical, particularly in the case of the assessee.

Summary

The Supreme Court dismissed the special leave petition after condoning the delay. The citation is 2010 (11) TMI 222 - SC. Justices K.S. Panicker Radhakrishnan and Swatanter Kumar were presiding. Counsel for the petitioner included Mr. Goolam E. Vahanvati, AG, and others.