G2 CORPORATE SERVICES LLP, (FORMERLY M/S. G2 CORPORATE SERVICES LTD), SEC'BAD,HYDERABAD vs. DCIT, CIRCLE-2(3), HYDERABAD, HYDERABAD

ITA 833/HYD/2016Status: DisposedITAT Hyderabad08 June 2018AY 2009-1013 pages
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What did the Tribunal hold?

The Tribunal held that the capital gains should be treated as capital gains and not business income, based on the assessee's consistent treatment and supporting case law. For Section 14A, the disallowance was restricted to the amount of exempt income earned.

What were the facts?

The assessee declared capital gains on sale of shares. The Assessing Officer (AO) treated these gains as business income, and the CIT(A) upheld this. A common issue in both assessment years was the disallowance under Section 14A.

What were the issues?

Whether gains from sale of shares should be treated as capital gains or business income, and the extent of disallowance permissible under Section 14A.

Which sections of the Income-tax Act were involved?

Section 14A

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Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, HYDERABAD BENCHES “A”, HYDERABAD

Before: SMT. P. MADHAVI DEVI & SHRI B. RAMAKOTAIAH

PER B. RAMAKOTAIAH, A.M. : These two appeals are by assessee against the order of the Commissioner of Income Tax (Appeals)-2, Hyderabad. In the AY. 2009-10, there was an issue in treating the capital gains as ‘business income’, whereas in both the assessment years, the common issue is with reference to disallowance u/s. 14A of the Income Tax Act [Act]. Since the issues are common, these appeals are heard together and decided by this common order.

:- 2 -: ITA Nos. 832 & 833/Hyd/2016

Issue of treating capital gains as business income:

2.

This issue arises in AY. 2009-10. Assessee has declared Short Term Capital Gain of Rs. 1,89,980/- on sal

The order continues below.

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