TaxTMI 
TaxTMI 
2015 (12) TMI 759
X X X X Extracts X X X X
X X X X Extracts X X X X
.... contention in directing the Assessing Officer to treat his share profits of Rs. 1,86,88,639/- i.e. long term capital gains of Rs. 1,06,96,159/- and short term capital gains of Rs. 79,92,480/-, as business income in case of shares held for less than 30 days and capital gains heaving holding period more than that. The assessing authority had treated all profits as business income. 3. Facts of the case are in a narrow compass. The respondent herein is a legal representative of the deceased assesse Shri. Sugamchand Chimanlal Shah. The said assessee was engaged in the business of trading in shares and securities. He declared the impugned long and short term capital gains. The Assessing Officer in assessment order dated 03-12-2010 rejected hi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rder have not been accepted by the Department. He, therefore, assessed the entire amount of Rs. 1.06 crore of long term capital gain and Rs. 79. 92/- lac of short term capital gain as business income of the appellant. The second ground of appeal is against disallowance Rs. 4,24, 252/- from expenses under the head salary, telephone and vehicle, made on the ground that in the P & L account, the appellant has credited long term capital gain of Rs. 1.06 crore and dividend of Rs. 20,00,000/- has been claimed exempt u/s. 14A of the Act, therefore, expenses relating to the exempt income is not allowable, especially salary which is mainly attributable to exempt income. 3. The appellant's written submission dated 13-05-2011, on the abov....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the year under consideration stands covered by the decision of Honourable ITAT dated 29/01/2010 in assessee's own case for immediately two preceding years. It may be noted that similar issue also arose in the immediately three preceding assessment years viz. A.Y 2.005-06, 2006-07 & 2007-08 & in the said three years; the income from capital gains shown by assessee was treated as business income by assessing officer on the basis of similar observations as made in the assessment order for the year under consideration. In the preceding years, assessee challenged the addition before learned CIT(A) & the appeal of assessee was partly allowed by accepting the long term capital gains shown by assessee as Capital Gains instead of Business incom....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ore requested to kindly accept the plea of assessee. x x x x x x x x x x x x x x x x x x 4. Decision 4.1 I have duly considered the above submission, of the appellant and find that the issue involved in the first ground of appeal is covered by my appellate order, in the case of the appellant in the A.Y. 2007-08, wherein, I have applied the decision of the ITAT, dated 29-01-2010 in appellant's case in the A.Ys, 2005-06 & 2006- 07. I, therefore, following the appellate order passed by me in the case of the appellant in A.Y. 2007-08 direct the Assessing Officer to assess the amount of Rs. 1,06,96,159/- declared by the appellant as long term capital gain under the head of 'long term capital gain'. In so fa....