The Commissioner of Income-tax-25, Mumbai v. Jagrut P. Gandhi - 2015-LL-0609-81

Citation	2015-LL-0609-81
Appellant Name	The Commissioner of Income-tax-25, Mumbai
Respondent Name	Jagrut P. Gandhi
Court	HIGH COURT OF BOMBAY
Relevant Act	Income-tax
Date of Order	09/06/2015
Assessment Year	2006-07
Judgment	View Judgment
Keyword Tags	purchase and sale of shares • substantial question of law • business income • book profit • investment in share
Bot Summary:	Respondent Mr.Tejveer Singh for the appellant. Dr.K. Shivram along with Ms.Neelam Jadhav i/by Paras Savla Rahul Hakani for the respondent. 2 The appellant proposes the following questions of law for our consideration: Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in treating the profit arrived from purchase and sale of shares as capital gains instead of business income as treated by the Assessing Officer even though most of the shares are bought and sold within short period, while some shares are not sold due to market conditions and their ::: Uploaded on - 15/06/2015 ::: Downloaded on - 17/04/2020 10:12:16 ::: bsb 2 9.ITXA1501. 13.doc holdings with the assessee remains few days which denote that the motive of the assessee is to carry on business in shares to book profit rather than investment in shares Whether on the facts and in the circumstances of the case and in law the Income Tax Appellate Tribunal is correct and right in holding that the income of the assessee from sale and purchase of shares is not the business income as assessed by the Assessing Officer 3 The assessment year involved is 2006 07. The impugned order of the Tribunal follows its earlier order passed for Assessment Year 2005 06 in the respondent assessee's own case on 21 December 2009. The appeal of the Revenue from the order of the Tribunal dated 21 December 2009 being Income Tax Appeal No.1341 of 2010 to this Court was not entertained by order dated 15 February 2011. 4 In the above view, no substantial question of law arises for our consideration.

bsb 1 9.ITXA1501.13.doc IN HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1501 OF 2013 Commissioner of Income Tax 25, Mumbai. Appellant v/s Jagrut P. Gandhi, Mumbai. Respondent Mr.Tejveer Singh for appellant. Dr.K. Shivram along with Ms.Neelam Jadhav i/by Paras Savla & Rahul Hakani for respondent. CORAM: M.S. SANKLECHA & N. M. JAMDAR, JJ. DATED : 9TH JUNE, 2015 P.C.: This appeal by Revenue challenges order dated 23 October 2012 of Income Tax Appellate Tribunal ( Tribunal). 2 appellant proposes following questions of law for our consideration: (I) Whether on facts and in circumstances of case and in law, Tribunal was justified in treating profit arrived from purchase and sale of shares as capital gains instead of business income as treated by Assessing Officer even though most of shares are bought and sold within short period, while some shares are not sold due to market conditions and their ::: Uploaded on - 15/06/2015 ::: Downloaded on - 17/04/2020 10:12:16 ::: bsb 2 9.ITXA1501.13.doc holdings with assessee remains few days which denote that motive of assessee is to carry on business in shares to book profit rather than investment in shares ? (II) Whether on facts and in circumstances of case and in law Income Tax Appellate Tribunal is correct and right in holding that income of assessee from sale and purchase of shares is not business income as assessed by Assessing Officer ? 3 assessment year involved is 2006 07. impugned order of Tribunal follows its earlier order passed for Assessment Year 2005 06 in respondent assessee's own case on 21 December 2009. appeal of Revenue from order of Tribunal dated 21 December 2009 being Income Tax Appeal (L) No.1341 of 2010 to this Court was not entertained by order dated 15 February 2011. 4 In above view, no substantial question of law arises for our consideration. 5 appeal is dismissed. No order as to costs. ( N. M. JAMDAR, J. ) ( M.S. SANKLECHA, J.) ::: Uploaded on - 15/06/2015 ::: Downloaded on - 17/04/2020 10:12:16 ::: Commissioner of Income-tax-25, Mumbai v. Jagrut P. Gandhi

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