2022 (12) TMI 113

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....50 of the Income Tax Act, 1961 ("the Act'), for Assessment Year 2015-16. 2. The only issue raised by the assessee is against the order of the ld. CIT(A) confirming the action of the Assessing Officer, wherein the Assessing Officer has treated the short term capital gain on sale of shares as business income of the assessee. 3. The facts in brief are that the assessee filed return of income on 12/11/2015 declaring total income of Rs.57,37,380/-. The case of the assessee was selected for scrutiny under CASS for scrutiny and notice issued u/s 143(2) and 142(1) along with questionnaire was served upon the assessee. The Assessing Officer on the basis of details filed by the assessee observed that the assessee company has earned profit of Rs....

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....he assessee also submitted that the activity which is treated as investment in the earlier years cannot be treated as business by relying on the decisions of CIT Vs. Gopal Purohit (188 taxmann 140) (Bom HC). It was submitted before the Assessing Officer that the period of holding is immaterial as it depends upon the sale of scrips which is held in a particular portfolio where the same is to be shown as business income or capital gain. Finally the Assessing Officer rejected the contention of the assessee and treated the STCG of Rs.52,91,943/- as business income vide order dt. 31/08/2017 passed u/s 143(3) of the Act. 4. The ld. CIT(A) simply confirmed the findings of the Assessing Officer. The ld. CIT(A) has not disputed that the assessee ....

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.....00   -2,18,15,186.00 - - 1,64,85,000.00 1,54,31,756.00 143(1) 2 31.03.2012 2012-13 99,00,000.00 58,80,519.00 1,57,80,519.00 0.00   -9,17,667.00 -5,697.00 11,65,341.00 1,39,50,153.00 1,80,65,086.00 144/147 3 31.03.2013 2013-14 2,01,46,000.00 1,43,90,127.00 3,45,36,127.00 8,45,000.00   -50,40,187.00 21,59,789.00 54,05,766.00 1,59,53,119.00 10,95,327.00 143(1) 4 31.03.2014 2014-15 2,01,46,000.00 1,48,48,147.00 3,49,94,147.00 9,47,417.00 78,134.00 -6,49,120.00 7,07,185.00 - 2,24,40,187.00 1,08,92,705.00 143(3) 5 31.03.2015 2015-16 2,01,46,000.00 2,39,43,271.00 4,40,8....