2013 (10) TMI 375

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.... Mr. Anurag Bajoria JUDGMENT Girish Chandra Gupta J. The subject-matter of challenge in this appeal is a judgment and order dated 19th August, 2011, passed by the learned Income Tax Appellate Tribunal dismissing the appeal of the Revenue. The facts and circumstances of the case briefly stated are as follows:- During the assessment year 2005-2006 short-term capital gain amounting to Rs.1,62,0....

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....ppeal to the Income Tax Appellate Tribunal which was dismissed by the judgment under challenge. The learned Tribunal held as follows :- "After hearing the rival submissions and on careful perusal of materials available on record, it is observed that out of the total 162 lakhs of short term capital gains an amount of 159 lakhs are relating to Jubilant Orgaosis Ltd. In the case the assessee is alr....

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....stances of the case the Tribunal was justified in law in directing the Assessing Officer to treat the surplus of Rs.1,62,05,046/- earned by the assessee on sale and purchase of Shares as short term capital gains instead of business income? ii) Whether on the facts and in the circumstances of the case the Tribunal was justified in law to delete the imposition of penalty under Section 271 (1) ( c) ....

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....n a particular year cannot subsequently be held by it to have become bad prior to that year." The next judgment cited by Mr. Bajoria is in the case of Commissioner of Income Tax -v- Gopal Purohit reported in (2010) 188 Taxman 140 (Bombay) wherein the following view was taken:- "The Tribunal held that there ought to be uniformity in treatment and consistency when the facts and circumstances are i....