TaxTMI 
TaxTMI 
TaxTMI 
2014 (1) TMI 494
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.... It was admitted on 11.11.2008 to consider following substantial questions of law:- "i) Whether in the facts and circumstances of the case, the learned Tribunal has erred in holding that the transaction of shares on line trading is speculative transaction as specified under Section 43(5) and in misconstruing and misapplying the provisions of the proviso (b) and (d) of Section 43(5) of the Income Tax Act, 1961 and in ignoring circular No.3 of 2006 dated 27.2.2006 issued by Central Board of Direct Taxes, New Delhi? ii) Whether in the facts and circumstances of the case the learned Tribunal has erred in misapplying the provisions of ....
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....pital gains and assessment was completed at total income of Rs. 12,22,930/-. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)], which was dismissed on 17.9.2007, Annexure A.2. Still not satisfied, the assessee filed appeal before the Tribunal which was dismissed vide order dated 6.6.2008, Annexure A.3. The assessee filed Miscellaneous application (Rectification Petition) for recall of the order dated 6.6.2008 relating to ground No.2. The said application was allowed by the Tribunal vide order dated 16.9.2008 and the case was heard on 22.9.2008 but no order thereupon was passed by the Tribunal. Aggrieved by the order dated 6.6.2008 passed by the Tribunal, the assessee is before this co....
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....three months as envisaged under Section 94(7) (b) of the Act had expired on 25.3.2004 and consequently the sale on 26.3.2004 was not covered under the mischief of Section 94(7) (b). Reference was made to Judgment of the Apex Court in State of Himachal Pradesh and another v. M/s Himachal Techno Engineers and another, 2010(4) CCC 312. 4. On the other hand, learned counsel for the revenue besides supporting the orders passed by the Assessing Officer, CIT(A) and the Tribunal, submitted that the day 26.3.2004, when the units were sold was to be counted, as three months from 26.12.2003 would expire on that date and the said authorities were right in applying the provisions of Section 94(7) (b) of the Act and disallowing the claim of short term c....
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....bsp; "3(35).'month' shall mean a month reckoned according to the British calendar;" 10. According to Halsbury's Laws of England third Edition Volume 37, the word 'month' has been described as under:- "143.Calendar month running from arbitrary date - When the period prescribed is a calendar month running from any arbitrary date the period expires with the day in the succeeding month immediately preceding the day corresponding to the date upon which the period starts; save that, if the period starts at the end of a calendar month which contains more days than the next succeeding month, the period expires at the end of the latter month (k). If a period of ....
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.... may mean 90 days or 91 days or 92 days or 89 days." 12. Similarly the Gujarat High Court in Mistry Bhikhalal Bhovan v. Sunni Vora Noormamad Abdul Karin and others, AIR 1978 Gujarat 149, while examining the scope of the term 'month' had noticed as under:- "4. In common parlance, the 'month' is hardly understood as a calendar month according to the Gregorian calendar, but it by and large means "space of time from a day in one month to the corresponding day in the next". This is the meaning of the term 'month' given in the Concise Oxford Dictionary, 1964 Edition. The term 'month' has been explained also in the Bombay General Clauses Act, 1904. The term 'month' as defin....