1 IN SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO(S).7379-7380 OF 2016 (Arising out of SLP(C) Nos.7857-7858 OF 2012) M/S G.S.HOMES & HOTELS P.LTD. ...APPELLANT(S) VERSUS DY.COMMISSIONER OF INCOME TAX ...RESPONDENT(S) O R D E R 1. Leave granted. 2. After hearing leaned counsels for parties and perusing relevant material, we modify order of High Court by holding that amount (Rs.45,84,000/-) on account of share capital received from various share-holders ought not to have been treated as business income. High Court, therefore, in our considered view, fell into error in reversing order of Tribunal on aforesaid issue. Insofar as issue of short term capital gains with respect to Signature Not Verified Digitally signed by NEETU KHAJURIA property T1 and T2 and maintenance deposit is Date: 2016.08.11 17:31:15 IST Reason: concerned, we do not find any infirmity in 2 order of High Court so as to require any modification. 3. appeals are disposed of as partly allowed as indicated above. ....................,J. (RANJAN GOGOI) ....................,J. (PRAFULLA C. PANT) NEW DELHI AUGUST 09, 2016 ITEM NO.3 COURT NO.6 SECTION IIIA SUPREME COURT OF INDIA RECORD OF PROCEEDINGS Petition(s) for Special Leave to Appeal (C) No(s). 7857-7858/2012 (Arising out of impugned final judgment and order dated 16/09/2011 in ITA No. 16/2003 and ITACR No. 1/2009 passed by High Court of Karnataka at Bangalore) M/S G.S.HOMES & HOTELS P.LTD. Petitioner(s) VERSUS DY.COMMISSIONER OF INCOME TAX Respondent(s) (with interim relief and office report) Date : 09/08/2016 These petitions were called on for hearing today. CORAM : HON'BLE MR. JUSTICE RANJAN GOGOI HON'BLE MR. JUSTICE PRAFULLA C. PANT For Petitioner(s) Mr. Preetesh Kapur, Adv. Ms. Radha Rangaswamy,Adv. For Respondent(s) Mr. Ranjit Kumar, Solicitor General Ms. Anita Sahani, Adv. Mr. S. Wasim A. Qadri, Adv. Ms. Anita Sahni, Adv. For Mrs. Anil Katiyar,Adv. UPON hearing counsel Court made following O R D E R Leave granted. appeals are disposed of in terms of signed order. (Neetu Khajuria) (Asha Soni) Court Master Court Master (Signed order is placed on file.) M/S G.S. Homes & Hotels P.Ltd. v. Dy. Commissioner of Income-tax