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TMI Blog2018 (2) TMI 1649X X X X Extracts X X X X X X X X Extracts X X X X ..... a) of the Act can arise. - Decided against revenue Income from transaction of purchase of sale of shares - “Short Term Capital Gain” or "business income" - Appeal is admitted on the substantial question of law at Sr.No.2 - Income Tax Appeal No. 874 of 2015 - - - Dated:- 7-2-2018 - M. S. Sanklecha And Riyaz I. Chagla, JJ. Mr. Suresh Kumar, for the Appellant Mr. Atul Jasani, for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) By the impugned order the Tribunal dismissed the Revenue's Appeal by upholding the order dated 29 February 2012 of the Commissioner of Income Tax (Appeals) ( CIT(A) for short). (b) The Respondent Assessee is engaged in the business of share broking and deals with the institutional clients such as L.I.C., Banks, etc. The brokerage charged at the fixed rate mutually decided between the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed order dated 23 September 2014, the Appeal was dismissed holding that as the Respondent was not claiming any expenditure in its Profit and Loss Accounts on account of STT and service tax, no occasion to disallow the same for nondeduction of tax at source under Section 40(a)(ia) of the Act can arise. Thus, upholding the view of the CIT(A). Thereafter, the Tribunal has made following observations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er passed by the AO, without bringing on record any material to contradict the findings of the CIT(A), could not serve any purpose except indicating the casual approach of the Revenue in dealing with such matters. With these observations the appeal filed by the Revenue is dismissed. (e) After making the above observations, the Appeal of the Revenue was dismissed. (f) In the above circumst ..... X X X X Extracts X X X X X X X X Extracts X X X X
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