Archana Rakshit Shah v. ACIT, Circle-10, Ahmedabad
[Citation -2016-LL-0930-35]
| Citation | 2016-LL-0930-35 |
|---|---|
| Appellant Name | Archana Rakshit Shah |
| Respondent Name | ACIT, Circle-10, Ahmedabad |
| Court | ITAT-Ahmedabad |
| Relevant Act | Income-tax |
| Date of Order | 30/09/2016 |
| Assessment Year | 2006-07 |
| Judgment | View Judgment |
| Keyword Tags | capital gain • investment in share • shares held as stock-in-trade |
| Bot Summary: | The solitary ground raised is as under :- The order passed u/s 250 on 03.05.2013 for AY 2006-07 by CIT(A)-XVI, Ahmedabad upholding the STCG of Rs.16,45,749/- on sale of shares as business income is wholly illegal, unlawful and against the principles of natural justice. Counsel for the assessee, at the outset, contends that similar issue came up before the ITAT in the group case of Smt. Devangi Alias Rupa Dipak Panchal and others; and the Tribunal vide its consolidated order dated 31.05.2016, following the Co-ordinate Bench judgment in the case of Seer Finlease Pvt Ltd in ITA Nos. In the cases in hand also identical allegations have been made by the revenue authorities and since all the allegations have been dismissed by the Co-ordinate Bench and have decided the issue in favour of the assessee. We have no hesitation in following the finding of the Tribunal SMC-ITA No. 1966/Ahd/2013 Smt. Archana Rakshit Shah vs. ACIT AY : 2006-07 2 The assessee in its books of accounts has shown the impugned shares as investment and not as stock-in-trade. DR, on the other hand, relied upon the orders of the authorities below. I have heard the rival contentions, perused the material available on record and gone through the orders of the authorities below. Respectfully following the Co-ordinate Bench judgments in the group case of Smt. Devangi Alias Rupa Dipak Panchal and Seer Finlease Pvt Ltd, the income from sale of impugned shares is held as Short Term Capital Gain and this ground of the assessee s appeal is allowed accordingly. |