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TMI Blog2011 (9) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... hould be followed in subsequent years, unless the facts or the legal position justify departure therefrom. Recently the Hon’ble Bombay High Court in CIT Vs. Darius Pandole [2010 (6) TMI 405 - Bombay High Court ] has held that income from sale of shares treated as business income in earlier year by way of assessment u/s 143(3) cannot be taken as capital gain in subsequent year. The essence of the j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hrough various ground is against the treatment given to the profit from shares as taxable under the head `Capital gains' instead of `Business income' assessed by the Assessing Officer. Briefly stated the facts of the case are that the assessee showed income from rent income, business income, capital gain and income from speculation. The Assessing Officer analyzed the scrip wise transactions of pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of the assessee was selected for scrutiny. A copy of the assessment order for the said assessment year is available on page 55 onwards of the paper book. The stand taken by the assessee in respect of profit from sale of shares as falling under the head `Capital gains' was not disputed and accepted as such. While holding the profit from sale of shares as business income in the instant year, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sequent years, unless the facts or the legal position justify departure therefrom. Recently the Hon'ble Bombay High Court in CIT Vs. Darius Pandole [(2011) 330 ITR 485 (Bom.)] has held that income from sale of shares treated as business income in earlier year by way of assessment u/s 143(3) cannot be taken as capital gain in subsequent year. The essence of the judgement is that the principle of co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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