TaxTMI 
TaxTMI 
TaxTMI 
2016 (5) TMI 458
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.... two different assessees and the present cross objection is presented at the instance of assessee in appeal of the Revenue, i.e., ITA No. 2760/Ahd/2011 in Assessment Year 2008-09. These appeals and cross-objection involve common issues, these were heard together and are being disposed of by this consolidated order for the sake of convenience. ITA No.1050/Ahd/2011 : AY 2007-08: By Revenue Assessee : Shri Ashish N. Soparkar 2. In this appeal, the Revenue has taken following grounds:- 1. The Ld. Commissioner of Income-tax (A) has erred in law and on facts in directing the AO to treated the STCG of Rs. 58,61,267/- and LTCG of Rs. 61,56,417/- on sale of shares/mutual funds as returned by assessee, instead of business income as assessed by A....
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....mmercial transactions entered into with a view to earn profits viii. Not only were the transactions in large numbers but were carried out in a planned, systematic and organized manner. 2.2 Matter was carried before the First Appellate Authority, wherein various contentions were raised on behalf of the assessee and having considered the same, the CIT(A) has granted relief to the assessee and the same has been opposed before us by the Revenue, inter alia, submitting that the CIT(A) has erred in directing the Assessing Officer to treat the STCG of Rs. 58,61,267/- and LTCG of Rs. 61,56,417/- on sales of shares/mutual funds as returned by the assessee instead of business income as assessed by the Assessing Officer and accordingly, ld. Departm....
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....dingly rightly directed the Assessing Officer to accept the impugned amounts returned by the assessee under the head STCG and LTCG, as the case may be. Similar view has been taken by Ahmedabad "A" Bench of the Tribunal in the case of M/s. Raja Industries vs. ACIT in IT(SS)A Nos. 141 & 146/Ahd/2012 for AY 2009-10, wherein the Tribunal held as under:- "22. We have heard the rival submissions and perused the material available on record. We find that ld. CIT(A) while deciding the issue against the Assessee has given a finding that Assessee has treated the shares transaction as investments in F.Y. 06-07 & 07-08 and the Assessee by passing a journal entry on 31.03.2009 accounted for the notional loss of value of closing inventory of shares. Be....
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.... uphold the order of the CIT(A) and dismiss this appeal of the Revenue. ITA No.2759/Ahd/2011 : AY 2008-09: By Revenue Assessee : Shri Ashishbhai N. Soparkar 3. In this Revenue's appeal, following grounds were raised:- 1. The Ld. Commissioner of Income-tax (A) has erred in law and on facts in directing the AO to treat the income of Rs. 23,97,656/- from sale of shares and mutual funds as Short Term Capital Gain, instead of business income as assessed by the Assessing Officer. 2. On the facts and circumstances of the case, the Ld. Commissioner of Income Tax (A) ought to have upheld the order of the Assessing Officer. 3. It is, therefore, prayed that the order of the Ld. Commissioner of Income tax (A) may be set aside and that of the A....
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....he order of CIT(A) granting relief to the assessee under same facts has been approved by us. Therefore, facts and issues being similar, so following same reasoning we are not inclined to interfere with the order of the CIT(A) who has rightly directed the Assessing Officer to treat the STCG of Rs. 29,79,082/- and LTCG of Rs. 22,51,262/- on sales of shares/mutual funds as returned by the assessee. Accordingly, we uphold the order of the CIT(A) and dismiss this appeal filed by the Revenue. ITA No. 2760/Ahd/2011 : AY 2008-09: By Revenue Assessee : Shri Jayantibhai M. Patel 5. In this Revenue's appeal, following grounds were raised:- 1. The Ld. Commissioner of Income-tax (A) has erred in law and on facts in directing the Assessing Officer t....