Section 45 read with section 28(i), of the Income-tax Act, 1961 - Capital gains

IT : Where Tribunal, while holding that profit on sale of mutual fund units was short-term capital gain, did not look into actual intention of assessee and manner in which transactions took place, matter was remanded for fresh consideration
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[2015] 53 taxmann.com 305 (Delhi)
HIGH COURT OF DELHI
Commissioner of Income-tax
v.
Central News Agency (P.) Ltd.*
SANJIV KHANNA AND V. KAMESWAR RAO, JJ.
IT APPEAL NO. 1032 OF 2011†
SEPTEMBER  9, 2014
Section 45 read with section 28(i), of the Income-tax Act, 1961 - Capital gains - Chargeable as (Capital gain v. business income/Dealing in Mutual fund units) - Assessment year 2005-06 - Assessee- company had shown certain short-term capital gain on sale of mutual fund units - Assessing Officer taxed said income as business income - On appeal, Commissioner (Appeals) upheld order of Assessing Officer but Tribunal held that profit on sale of mutual fund units was assessable as capital gain - Whether since Tribunal had not determined whether any dividend had been received on units and frequency and volume of said transactions so as to know actual intention of assessee, matter was to be remanded to Tribunal for fresh consideration - Held, yes [Para 9] [Matter remanded]
Circulars and Notifications : CBDT Circular 4 of 2007, dated 15-6-2007