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AO cannot treat Assessee differently for Short and Long term Capital Gain on Sale of Shares
Case Law Details
- Case Name
- I.T.O. Vs Dilip B. Desai (HUF) (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07 & 2009-10
- Courts
- All ITAT, ITAT Kolkata
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AO having accepted the claim of exemption u/s 10(38) of the Act for long term capital gains of the assessee had conceded the claim of assessee to be an investor and the ld AO cannot take a different stand by treating the assessee as a trader in respect of short term capital gains alone.
RELEVANT EXTRACT OF THE JUDGMENT
5. The brief facts of this issue is that the assessee filed its return of income for Asst Year 2006-07 on 31.7.2006 declaring total income of Rs. 1,22,46,624/- and assessment was completed u/s 143(3) of the Act assessing the total income at Rs. 1,22,46,620/- by ...
