Case Law Details
Case Name : Dr. Rahul Doctor Vs The ACIT (ITAT Mumbai)
Appeal Number : I.T.A. No. 827/Mum/2012
Date of Judgement/Order : 12/06/2013
Related Assessment Year : 2008- 09
Courts :
All ITAT ITAT Mumbai
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The assessee has shown Long Term Capital gains during the year at Rs. 3888,313/- which has been accepted by the AO. If the AO was of the firm belief that the assessee is engaged in trading activities in the shares then it should not make any difference if the shares are held more than 12 months and less than 12 month
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If straightforward share transactions like this also have to go thro’ Tribunal/court interventions,and such matters are still in the realm of vague discretionary interpretations of AOs, what kind of sanctity can we attach to these antiquted IT ACT/RULES?!.