GAURANG D DAMANI,MUMBAI vs. DCIT 21(2), MUMBAI
In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.
What did the Tribunal hold?
The Tribunal found that the CIT(A) passed a reasoned order addressing the assessee's arguments. As the assessee provided no contradictory material, the Tribunal found no reason to interfere with the lower authority's order.
What were the facts?
The assessee appealed the CIT(A)'s order confirming the assessment of short-term capital gains on share sales as business income. The assessee did not appear for the hearing despite multiple notices.
What were the issues?
Whether short-term capital gains on sale of shares should be treated as business income or capital gains. The assessee's failure to appear and present evidence to counter the lower authority's findings.
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, “G” Bench, Mumbai
Before: Shri B.R. Baskaran (AM)& Pawan Singh (JM)
The appeal filed by the assessee is directed against the order dated 12.12.2012 passed by learned CIT(A)-32, Mumbai and it relates to A.Y. 2008- 09.
None appeared on behalf of the assessee even though notice of hearing was sent by registered post on more than one occasion. Hence we proceed to dispose of the appeal ex-parte, without presence of the assessee.
The assessee is contesting the decision of learned CIT(A) in confirming the assessment of short term capital gains arising on sale of shares as business income.
We have heard learned Departmental Representative and perused the record. We noticed that learned CIT(A) has passed a reasoned order meeting all the arguments put by the assessee. Further the assessee has not furnished
2 Gaurang D. Damani any material before us to contradict the findings given by learned CIT(A). Under these circumstances, we do not find any reason to interfere the order passed by learned CIT(A).
In the result, appeal filed by the assessee is dismissed.
Order has been pronounced in the Court on 25.7.2016
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