Case Law Details
Mangesh Krishnath Ekbote Vs DCIT (ITAT Pune)
Assessee had shown shares as `Investment’ in its balance sheet as at the end of the year with a nominal balance. The shares purchased and sold during the year indicate that these were held for a very short time before their sale. On a pertinent query, the ld. AR admitted that income from sale and purchase of shares was treated as ‘Business income’ by the assessee in the immediately preceding assessment year. The ld. CIT(A) has also recorded that the assessee offered such income ‘Business income’ in the subsequent year as well, which fact has not been controverted on behalf of the assessee. Since the income from purchase and sale of shares has been treated by the assessee as `Business income’ in the immediately preceding and subsequent assessment years and further nothing has been shown, except their depiction in the balance sheet as Investment, as to how, the shares were so held, we hold that the ld. CIT(A) was justified in treating income from share trading as ‘Business income’.
FULL TEXT OF THE ORDER OF ITAT PUNE
This appeal by the assessee is directed against the order passed by the CIT(A)-2, Pune on 17-03-2017 in relation to the assessment year 2010-11.
2. The first issue raised in this appeal is against the confirmation of disallowance of depreciation amounting to Rs.45,909/- on fixed assets.
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