9911796707
TMI Blog2007 (7) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... is personal account -it was found that assessee has been holding shares for a long time and has been utilising the surplus funds only for the investments – held that profit earned on sale of surplus shares will attract capital gains - 1075 of 2007 - - - Dated:- 13-7-2007 - P. D. DINAKARAN and P. P. S. JANARTHANA RAJA JJ. J. Naresh Kumar for the appellant. JUDGMENT The judgment of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... registered share and stock broker of Madras Stock Exchange Limited, carrying on the business under the name and style of M/s. Brilliant Co., mainly deriving income from house property, business, capital gains and also from interest and dividend. The relevant assessment year is 2000-2001 and the corresponding accounting year ended on 31.03.2000. The assessee filed his Return of income on 30.10.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aggrieved, the Revenue filed an appeal to the Income-tax Appellate Tribunal ("the Tribunal" in short). The Tribunal dismissed the Revenue's appeal and confirmed the order of the Commissioner of Income-tax (Appeals). Hence the present tax case by the Revenue. 4. Learned Standing Counsel appearing for the Revenue submitted that the Tribunal has erred in holding that the profit realised by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments in shares have been done by the assessee in his personal account. Further it was found that the assessee has been holding shares for a long time and has been utilising the surplus funds only for the investments. In earlier years also, the assessee has been showing only capital gains on similar transactions and the same has been accepted by the Revenue. There is nothing in law which prohibits ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
