2016 (7) TMI 1229 - HC - Income Tax

Bombay HC dismisses appeal on income classification from share sale for Assessment Year 2006-07

The Bombay HC dismissed an appeal challenging the ITAT's order on income classification from share sale for Assessment Year 2006-07. The court held the ... Sale of shares - classifiable as business income or under the head capital gains - Held that:- the Impugned order of the Tribunal followed its order in case an appeal from that order by the Revenue in Commissioner of Income Tax Versus Dilip V. Variya [2013 (1) TMI 892 - BOMBAY HIGH COURT] finding that the respondent assessee is not carrying on business of shares trading is a concurrent finding of fact arrived at and both by the CIT (Appeals) and the Tribunal. No substantial question of law The Bombay High Court dismissed an appeal challenging the Income Tax Appellate Tribunal's order regarding the classification of income earned from the sale of shares for Assessment Year 2006-07. The court found that the issue had already been settled in a previous case for Assessment Year 2005-06, and no substantial question of law arose. The appeal was dismissed with no order as to costs.