ITO 25(2)(3), MUMBAI vs. SUDHA B. DAMANI, MUMBAI

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ITA 6952/MUM/2013Status: DisposedITAT Mumbai21 October 2015AY 2009-1014 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the appeal filed by the Revenue was not maintainable due to the low tax effect, which was below the monetary limit set by CBDT instructions. The Tribunal also found no reason to interfere with the CIT(A)'s finding that the gains from share sales were short-term capital gains.

What were the facts?

The Revenue appealed the CIT(A)'s order which treated income from share transactions as capital gains rather than business income. The primary issue was the tax effect of the appeal, which was found to be below the prescribed monetary limit for filing appeals.

What were the issues?

Whether the appeal is maintainable based on the tax effect and whether the income from share transactions should be treated as capital gains or business income.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 268A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: SHRI R.C. SHARMA , AM & SHRI SANDEEP GOSAIN , JM

For Appellant: Shri Jayant R. Bhatt
For Respondent: Shri G.M. Makwana, Shri Jayant R. Bhatt

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��यथ� / The Respondent 2. आयकर आयु�त(अपील) / The CIT(A) 3. आयकर आयु�त / CIT - concerned 4. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / DR, ITAT, Mumbai 5. गाड� फाईल / Guard File 6. आदेशानुसार/ BY ORDER, उप/सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपील�य अ�धकरण, मुंबई / ITAT, Mumbai (A.Y. 09-10) ITO V/s. Smt. Sudha B. Damani Sr. No. Details Date Initials Designation 1 Draft dictation sheets are attached Yes Sr.PS/PS 2 Draft dictated on 16.10.2015 Sr.PS/PS 3 Draft Placed before author 16.10.2015 Sr.PS/PS 4 Draft proposed & placed before JM/AM the Second Member 5 Draft discussed/approved by JM/AM Second Member 6 Approved Draft comes to the Sr.PS/PS Sr.PS/PS 7 Order pronouncement on Sr.PS/PS 8 File sent to the Bench Clerk Sr.PS/PS 9 Date on which the file goes to the Head clerk 10 Date on which file goes to the AR 11 Date of Dispatch of order

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