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2016 (5) TMI 458 - AT - Income TaxSale of shares/mutual funds - STCG and LTCG OR business income - Held that - We are not inclined to interfere with the order of the CIT(A) who has rightly directed the Assessing Officer to accept the impugned amounts returned by the assessee under the head the head Long Term Capital Gain and Short Term Capital Gains - Decided against revenue
Issues involved:
Appeal against orders of Commissioner of Income Tax, treatment of Short Term Capital Gain (STCG) and Long Term Capital Gain (LTCG) on sale of shares/mutual funds as business income, direction to Assessing Officer, CIT(A) granting relief, identical issues in multiple appeals. Analysis: ITA No.1050/Ahd/2011 : AY 2007-08: By Revenue Assessee : Shri Ashish N. Soparkar The main issue is the treatment of STCG and LTCG on sale of shares/mutual funds as business income by the Assessing Officer. The CIT(A) directed the Assessing Officer to accept the amounts returned by the assessee under the head STCG and LTCG, considering the nature of transactions, holding period, and past assessments. The Tribunal upheld the CIT(A) order based on legal precedents and factual findings, dismissing the Revenue's appeal. ITA No.2759/Ahd/2011 : AY 2008-09: By Revenue Assessee : Shri Ashishbhai N. Soparkar Similar to the previous case, the issue revolves around treating income from sale of shares/mutual funds as Short Term Capital Gain instead of business income. The Tribunal upheld the CIT(A) order directing the Assessing Officer to treat the income as STCG, based on similar reasoning and factual consistency with the previous assessment year. ITA No.1051/Ahd/2011 : AY 2007-08: By Revenue Assessee : Shri Jayantibhai M. Patel The issue in this appeal mirrors the previous cases, involving the treatment of STCG and LTCG on sale of shares/mutual funds. The CIT(A) directed the Assessing Officer to accept the amounts returned by the assessee, similar to earlier decisions, and the Tribunal upheld this order, dismissing the Revenue's appeal. ITA No. 2760/Ahd/2011 : AY 2008-09: By Revenue Assessee : Shri Jayantibhai M. Patel The issue in this appeal is identical to the previous cases, concerning the treatment of income from sale of shares/mutual funds as STCG and LTCG instead of business income. The Tribunal upheld the CIT(A) order directing the Assessing Officer to treat the income as capital gains, in line with previous assessments, and dismissed the Revenue's appeal. CO No.261/Ahd/2011 (in ITA No.2760/Ahd/2011) AY 2008-09: By Assessee -Shri Jayantibhai M. Patel The Cross-objection filed by the assessee was dismissed as not pressed during the hearing. Consequently, all appeals by the Revenue and the cross-objection by the assessee were dismissed based on the consistent treatment of the issues across the appeals. In conclusion, the Tribunal consistently upheld the CIT(A) orders directing the Assessing Officer to treat the income from the sale of shares/mutual funds as capital gains instead of business income, based on factual analysis, legal precedents, and past assessments. The appeals by the Revenue were dismissed in all cases, maintaining the approach taken in the earlier assessment years.
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