DCIT 4(3)(1), MUMBAI vs. J.M. FINANCIAL LTD, MUMBAI

ITA 3925/MUM/2015Status: DisposedITAT Mumbai04 August 2023AY 2008-0925 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the transaction of sale of shares was genuine and not a colourable device for tax avoidance. The losses arising from the sale of shares were allowed to be set off against capital gains.

What were the facts?

The assessee, a holding company, sold shares of its joint venture company. The Assessing Officer treated the capital gain as business income, which was upheld by the CIT(A). The Tribunal initially remitted the issue back to the AO for fresh adjudication in light of a Supreme Court decision.

What were the issues?

Whether the gain on sale of shares is capital gain or business income, and whether losses on sale of shares can be set off against capital gains.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 55(2)(aa)

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Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCH “F”, MUMBAI

Before: SHRI ABY T VARKEY & MS. PADMAVATHY S.

For Appellant: Dr K Shivram
For Respondent: Shri Ankush Kapoor CIT DR

Heard together (2 matters)

I.T.A. No.3987/Mum/2015
I.T.A. No.3925/Mum/2015

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PER : MS PADMAVATHY S. (AM)

These cross appeals by the assesse and the Revenue are against the order of the Commisioner of Income-tax (Appeals)-9, Mumbai (in short, „the CIT(A)‟) dated 30/04/2015 for assessment year 2008-09. 2. The assessee is a holding company and has made in

The order continues below.

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