Case Law Details
Case Name : Dr. Rahul Doctor Vs The ACIT (ITAT Mumbai)
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 months. But here is a case where the AO has accepted that the assessee is an investor so far as Long term capital gains are concerned. The allegation that the assessee has done repetitive transactions cannot ipso-facto make the assessee a trader. It is an accepted fact and practice that...
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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?!.