IT: Where share broker held shares only of three companies as investment, kept them in a separate portfolio and sold them after a gap of 4 months, short-term capital gains would arise
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[2014] 52 taxmann.com 221 (Delhi)
HIGH COURT OF DELHI
Commissioner of Income-tax
v.
CNB Finwiz Ltd.*
SANJIV KHANNA AND V. KAMESWAR RAO, JJ.
IT APPEAL NO. 1241 OF 2011
AUGUST 6, 2014
Section 28(i), read with section 45, of the Income-tax Act, 1961 - Chargeable as (Business income v. Capital gain/Share dealings) - Assessment year 2005-06 - Assessee was a share broker - It maintained two portfolios, one relating to investments and other relating to stock-in-trade - Shares held as investment were kept in a separate portfolio - Said shares related to only three companies - These shares were sold after a gap of 4 months or more - Whether surplus from these transactions would be assessable under head short-term capital gains - Held, yes [Para 9][In favour of assessee]
Circular and Notification: No. 4/2007, dated 15-6-2007
■■■
[2014] 52 taxmann.com 221 (Delhi)
HIGH COURT OF DELHI
Commissioner of Income-tax
v.
CNB Finwiz Ltd.*
SANJIV KHANNA AND V. KAMESWAR RAO, JJ.
IT APPEAL NO. 1241 OF 2011
AUGUST 6, 2014
Section 28(i), read with section 45, of the Income-tax Act, 1961 - Chargeable as (Business income v. Capital gain/Share dealings) - Assessment year 2005-06 - Assessee was a share broker - It maintained two portfolios, one relating to investments and other relating to stock-in-trade - Shares held as investment were kept in a separate portfolio - Said shares related to only three companies - These shares were sold after a gap of 4 months or more - Whether surplus from these transactions would be assessable under head short-term capital gains - Held, yes [Para 9][In favour of assessee]
Circular and Notification: No. 4/2007, dated 15-6-2007
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