Bharat Kuverji Kenia v. Add.CIT

Oceanic Marketing Agencies India Ltd, Mumbai vs. Dy. Commissioner of Income Tax Central Circle -2(2), Mumbai

In the result ITA No. 4542/Mum/2025 is dismissed as

…pital Investment and resale do not lose their capital nature merely because the resale was foreseen and contemplated when the investment was made and the possibility of enhanced values motivated the investment. In the case of Bharat Kuverji Kenia Vs. Add.CIT, 130 TTJ 86 (Mum), the Mumbai Bench of the Tribunal observed that, "There is no justification for treating the activity of purchase and sale of shares as 'business' merely on the reason of the volume of transactions. As per well settled principles of law, the frequency of transactions cannot be per se decisive." 9. The frequency and magnitude of purchase and…

M/S. Oceanic Marketing Agencies India Ltd., Delhi vs. The Dy. Commissioner of Income Tax, (OSD), Circle 2(2), Mumbai

In the result ITA No. 4542/Mum/2025 is dismissed as

…same as investment, funds used for such transaction le. borrowed funds at interest or own funds etc. are required to be seen for reaching to the conclusion regarding assessee being investor or trader in shares. In the case of Bharat Kuverji Kenia Vs. Add.CIT, 130 TTJ 86 (Mum), the Mumbai Bench of the Tribunal observed that, "There is no justification for treating the activity of purchase and sale of shares as 'business' merely on the reason of the' volume of transactions. As per well settled principles of law, the frequency of transactions cannot be per se decisive. 10. Speaking on number of transactions in the…

DCIT Cir 2(2)(1), Mumbai vs. State Bank of Saurashtra, Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Ms. Krishna Sharma Vs. Addl Cit – 19(1), Mumbai G-3, Black Diamond Chs, Khar Danda Road, Khar(W), Mumbai – 400 052 Pan/Gir No. Aaops5770R Appellant) .. Respondent)

…ld such treatment by Assessing Officer is not permissible as this would render income tax provisions of short term capital gains redundant. 15. Reliance can placed on the following judicial pronouncements :- i) In the case of Bharat Kuverji Kenia Vs. Add.CIT, 130 TTJ 86 (Mum), the Mumbai Bench of the Tribunal observed that, “There is no justification for treating the activity of purchase and sale of shares as 'business' merely on the reason of the' volume of transactions. As per well settled principles of law, the frequency of transactions cannot be per se decisive.” ii) In the case of Mr. Nehal V. Shah vs, ACIT…

Krishna Sharma, Mumbai vs. Addl CIT 19(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Ms. Krishna Sharma Vs. Addl Cit – 19(1), Mumbai G-3, Black Diamond Chs, Khar Danda Road, Khar(W), Mumbai – 400 052 Pan/Gir No. Aaops5770R Appellant) .. Respondent)

…ld such treatment by Assessing Officer is not permissible as this would render income tax provisions of short term capital gains redundant. 15. Reliance can placed on the following judicial pronouncements :- i) In the case of Bharat Kuverji Kenia Vs. Add.CIT, 130 TTJ 86 (Mum), the Mumbai Bench of the Tribunal observed that, “There is no justification for treating the activity of purchase and sale of shares as 'business' merely on the reason of the' volume of transactions. As per well settled principles of law, the frequency of transactions cannot be per se decisive.” ii) In the case of Mr. Nehal V. Shah vs, ACIT…