BALKRISHNA MOHAN HATLE,MUMBAI vs. NFAC, DELHI

This appeal by the assessee is directed against order dated 03.02.2023 passed by the Ld. Commissioner of Income-tax (Appeals) – National Faceless Appeal Centre, Delhi [in short ‘the Ld. CIT(A)’] for assessment year 2014-15, raising following grounds:

“1) Circular 6/2016 dated 29th February 2016, gives the option to the assessee regarding the shares and securities held by him irrespective of the period of holding, to treat them either as capital assets or as stock P a g e | 2 Balkrishna Mohan Hatle in trade, without condition. Hence, I believe that Short Term Capital Gain/Loss cannot be treated as business income. The assessee had ignored to disclosed those losses in the Income Tax Returns, with truly a Bonafide belief that there were no incentives to the assessee by making a claim for the benefit of tax by disclosing it in the Income Tax Returns. Moreover, the case filed under CIT(A), was dismissed merely on the ground, that Recovery Order was uploaded instead of Assessment order.