2015 (3) TMI 12

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....& Atul Jasani ORDER P.C. 1. This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 31st January 2012 passed by the Income Tax Appellate Tribunal (the 'Tribunal'). The Assessment Year involved is 2003-04. 2. The Revenue has raised following question of law for our consideration: "(A) Whether on the facts and in....

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....er allowing set off of short term capital gain of Rs. 1.17 crores against the carry forward short term capital loss of Rs. 1.45 crores. 4. On 21st February 2008 the Commissioner of Income Tax passed an order in Revision under Section 263 of the Act holding that the Assessment order treating the amounts earned on sale of shares as short term capital gains was erroneous and prejudicial to the int....

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....the CIT(A) concluded that the amount received on sale of share is taxable as capital gains in the hand of the respondent assessee and not as income from other sources. It further held that the respondent assessee is entitled to carry forward loss from the earlier years. On further appeal by the revenue, the Tribunal by the impugned order upheld the finding of the CIT(A) that the assessee is entitl....

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....the cycle. This aspect has been completely ignored by the authorities. Moreover, the amount of share purchased was never transferred to the DMAT Account of the assessee and continued to remain in the DMAT Account of the subbroker evidencing non-genuineness of the transaction. Thus, it is submitted that the orders suffer from perversity and the appeal needs to be admitted. 8. We find that the or....