Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2017 (2) TMI 459

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s and /or in law has been pointed out to take a different view for the subject Assessment Year. Moreover, the entire question of the nature of activity carried out by the respondent-assessee i.e. business or investment is a question of fact. Both the CIT(A) as well as the Tribunal have concurrently come to a finding of fact that the income earned on the investment portfolio is chargeable under the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lding that the gains from the purchase and sale of shares and mutual funds are to be treated as Long Term Capital Gains, ignoring that the volume and frequency of transactions? 3. The impugned order of the Tribunal dismissed the Revenue's appeal upholding the stand of the Assessee that the income earned on account of purchase and sale of shares and mutual funds were chargeable to tax und .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ble under the head Capital gain except for the subject Assessment Year the Revenue is seeking to take a different view. This without pointing out change in the facts and circumstances of the case for the year under consideration from those existing in the earlier and subsequent years. 4. So far as borrowed funds are concerned, the Tribunal records the fact that a small amount of loan was taken .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... on investment. Moreover, as held by the Tribunal the loan which has been taken from relatives were for a small amount and further the use of these borrowed funds were not established to be for purchase of shares for investment by the authorities. Therefore, in view of the fact that the Revenue has been consistently taking a view that the income earned on investments is taxable under the head c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates