Case Law Details
The ld. Counsel for assessees submitted that there are number of judgments from the ITAT on the issue of treating the portfolio management income assessable as capital gains and not as income from “business or profession”.
Further assessee is an investor for long period and the long term capital gain arose from the transactions of purchase of shares in year 2004 and in earlier years these incomes were accepted as capital gains only. However, the present financial position of assessee was not furnished before us. After considering the rival arguments, we are of the view that the stay as prayed cannot be granted but an early hearing can be granted considering the facts of the case. Accordingly the cases are posted on 30.04.2012 which was informed to both parties in the open Court.
INCOME TAX APPELLATE , MUMBAI
S.A. No. 129/Mum/2012
Arising out of ITA No. 1575/Mum/2012
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