Janak S. Rangwalla v. Asstt. CIT

11 SOT 627Income Tax Appellate Tribunal2007#1547 most cited

What is Janak S. Rangwalla v. Asstt. CIT authority for?

The rule of consistency applies to the characterization of income from the sale of shares or mutual funds. If the Revenue has consistently accepted an assessee as an investor, treating income from such transactions as capital gains in prior years, it cannot arbitrarily re-characterize similar transactions as business income in subsequent assessment years without a fundamental change in facts.

73

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Also referred to as

Janak S. Rangwalla v. Asstt. CIT · 11 SOT 627 · rule of consistency · capital gains · business income · sale of shares · sale of mutual funds · investor or trader · re-characterization of income · Section 45 · Section 10(38) · income tax proceedings

Sections most often in play

Section 10(38)Section 14ASection 68Section 10(34)Section 131Section 142(1)Section 143(3)

Issues it is cited on

period of holdingshort term capital gainsrule of consistencysection 10(34)section 14a(2)date of transfersection 45short term capital gaindisallowance under section 14asection 10(38)long term capital gainsliable to tax

Judgments citing Janak S. Rangwalla v. Asstt. 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\nwithdrawn and ITA No

ITA 4777/MUM/2025[2008-09]Status: DisposedITAT Mumbai18 Nov 2025AY 2008-09

…transactions\nresulted in trading profit or capital gains, the rule of\nconsistency has been applied in the following two decisions of\nthe Mumbai Bench of the Tribunal:\n(Gopal Purohit vs.Jt. CIT/2009/20 DTR 99(Mumbai Trib.)\nJanak S. Rangwala vs. ACIT/2007] 11 SOT 627 (Mumbai)\nFollowing the rule of consistency, the Tribunal in above cases,\naccepted the assessee's contention that assessee was investor\nin shares and not trader because in the earlier years, the\nRevenue had accepted that the assessee was investor. In\nJanak Rangawala's case (Supra), the Tribunal quoted the\nfollowing passage from the judgement…

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\nwithdrawn and ITA No

ITA 4542/MUM/2025[2008-09]Status: DisposedITAT Mumbai18 Nov 2025AY 2008-09

…re transactions resulted in trading profit or capital gains, the rule of consistency has been applied in the following two decisions of the Mumbai Bench of the Tribunal:\n(Gopal Purohit vs.Jt. CIT/2009/20 DTR 99(Mumbai Trib.)\nJanak S. Rangwala vs. ACIT/2007] 11 SOT 627 (Mumbai)\n\nFollowing the rule of consistency, the Tribunal in above cases, accepted the assessee's contention that assessee was investor in shares and not trader because in the earlier years, the Revenue had accepted that the assessee was investor. In Janak Rangawala's case (Supra), the Tribunal quoted the following passage from the judgement in…

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

ITA 901/DEL/2017[2012-13]Status: DisposedITAT Delhi08 Oct 2025AY 2012-13

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri G.C. Srivastava, Spl. Counsel for the Department
Section 143(3)Section 144CSection 144C(1)Section 144C(5)Section 14ASection 32Section 35Section 43B

…he earlier years, was held to be not permissible in view of the principals of consistency:  CIT v. S. Ramaamirtham: 306 ITR 239 (Mad.)  CIT v. GopalPurohit: 336 ITR 287 (Bom.)  CIT V. SMAA Enterprises (P) Ltd: 382 ITR 175 (J&K)  Janak S. Rangwalla v. CIT: 11 SOT 627 (Mum)  Bombay Gymkhana Ltd. v. ITO: 115 TTJ 639 (Mum.) In view of the above, on ground of consistency, as well, the transaction of sale of shares/ mutual funds must be accepted to be taxable under the head ‘capital gains’ and the treatment of the same as business income is not sustainable. Re: Remand proceedings for AY 2010-11 The aforesaid re-ch…

DCIT, NEW DELHI vs. M/S. MARUTI SUZUKI INDIA LTD., NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

ITA 1024/DEL/2016[2011-12]Status: DisposedITAT Delhi08 Oct 2025AY 2011-12

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri G.C. Srivastava, Spl. Counsel for the Department
Section 143(3)Section 144CSection 144C(1)Section 144C(5)Section 14ASection 32Section 35Section 43B

…he earlier years, was held to be not permissible in view of the principals of consistency:  CIT v. S. Ramaamirtham: 306 ITR 239 (Mad.)  CIT v. GopalPurohit: 336 ITR 287 (Bom.)  CIT V. SMAA Enterprises (P) Ltd: 382 ITR 175 (J&K)  Janak S. Rangwalla v. CIT: 11 SOT 627 (Mum)  Bombay Gymkhana Ltd. v. ITO: 115 TTJ 639 (Mum.) In view of the above, on ground of consistency, as well, the transaction of sale of shares/ mutual funds must be accepted to be taxable under the head ‘capital gains’ and the treatment of the same as business income is not sustainable. Re: Remand proceedings for AY 2010-11 The aforesaid re-ch…

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

In the result, appeal of the Revenue stands dismissed

ITA 411/NAG/2019[2015-16]Status: DisposedITAT Nagpur25 Feb 2025AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 10(38)Section 68

…d certain benefits on the assessee on such transaction; modus operandi of assessee remaining the same, assessee‟s claim deserved acceptance by following rule of consistency. 13 Shri Nandkumar Khatumal Harchandani ITA no.410/Nag./2019 A.Y. 2014–15 13. (2007) 11 SOT 627 (ITAT, Mumbai) Janak S. Rangwalla –Vs- Assistant Commissioner of Income Tax Capital gains-Vis-à-vis business income-Transactions in shares held as investment-Give rise to capital gains notwithstanding magnitude of transactions-Assessee holding large number of shares as investments and transactions in shares all along treated in part under the head…

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

ITA 410/NAG/2019[2014-15]Status: DisposedITAT Nagpur25 Feb 2025AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 10(38)Section 68

…ecause in the year under consideration, the Finance Act, 2004, had conferred certain benefits on the assessee on such transaction; modus operandi of assessee remaining the same, assessee's claim deserved acceptance by following rule of consistency. 13. (2007) 11 SOT 627 (ITAT, Mumbai) Janak S. Rangwalla –Vs- Assistant Commissioner of Income Tax Capital gains-Vis-à-vis business income-Transactions in shares held as investment-Give rise to capital gains notwithstanding magnitude of transactions-Assessee holding large number of shares as investments and transactions in shares all along treated in part under the head…

LAKSHMANAN,,CHENNAI vs. ITO, NCW - 1 (3),, CHENNAI

In the result, appeal filed by the assessee in ITA No

ITA 2744/CHNY/2019[2015-16]Status: DisposedITAT Chennai18 Nov 2022AY 2015-16

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 V. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1St Floor, Akm Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [Pan: Aabpl 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.T. Vasudevan, AdvFor Respondent: Mr.AR.V.Sreenivasan
Section 43(5)Section 45

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी महावीर िसंह, माननीय उपा"", एवं "ी जी. मंजूनाथा, , माननीय लेखा सद" के सम" BEFORE SHRI MAHAVIR SINGH, HON’BLE VICE PRESIDENT AND SHRI G. MANJUNATHA, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 v. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1st Floor, AKM Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [PAN: AABPL 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No.2883/Chny/2018 िनधा"रण वष" /Assess…

LAKSHMANAN REVATHI,CHENNAI vs. ITO N.C.W 1(3), CHENNAI

In the result, appeal filed by the assessee in ITA No

ITA 2883/CHNY/2018[2015-16]Status: DisposedITAT Chennai18 Nov 2022AY 2015-16

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 V. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1St Floor, Akm Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [Pan: Aabpl 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.T. Vasudevan, AdvFor Respondent: Mr.AR.V.Sreenivasan
Section 43(5)Section 45

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी महावीर िसंह, माननीय उपा"", एवं "ी जी. मंजूनाथा, , माननीय लेखा सद" के सम" BEFORE SHRI MAHAVIR SINGH, HON’BLE VICE PRESIDENT AND SHRI G. MANJUNATHA, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 v. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1st Floor, AKM Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [PAN: AABPL 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No.2883/Chny/2018 िनधा"रण वष" /Assess…

LAKSHMANAN,CHENNAI vs. ITO N.C.W 1(3), CHENNAI

In the result, appeal filed by the assessee in ITA No

ITA 2882/CHNY/2018[2015-16]Status: DisposedITAT Chennai18 Nov 2022AY 2015-16

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 V. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1St Floor, Akm Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [Pan: Aabpl 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.T. Vasudevan, AdvFor Respondent: Mr.AR.V.Sreenivasan
Section 43(5)Section 45

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी महावीर िसंह, माननीय उपा"", एवं "ी जी. मंजूनाथा, , माननीय लेखा सद" के सम" BEFORE SHRI MAHAVIR SINGH, HON’BLE VICE PRESIDENT AND SHRI G. MANJUNATHA, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 v. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1st Floor, AKM Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [PAN: AABPL 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No.2883/Chny/2018 िनधा"रण वष" /Assess…

M/S. CHANDAN INFRATECH LIMITED,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(3),, AHMEDABAD

ITA 1597/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad13 Jul 2022AY 2011-12
For Appellant: Shri Milin Mehta, A.RFor Respondent: Shri A. P. Singh, CIT/D.R
Section 111ASection 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member Assessment Year 2011-12 M/s. Chandan Infratech Income Tax Officer, Ltd. s-2, Navrang Ward-1(3), Building, Swastik Char Vs Ahmedabad Rasta, Navrangpura, (Respondent) Ahmedabad-380009 PAN No: AAACC8326Q (Appellant) Appellant by : Shri Milin Mehta, A.R. Respondent by : Shri A. P. Singh, CIT/D.R. Date of hearing : 20-06-2022 : 13-07-2022 Date of pronouncement आदेश/ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- The present appeal has been filed by the Assess…

HERO MOTOCROP LTD.,NEW DELHI vs. ACIT, CIRCLE- 11(1), NEW DELHI

The appeal of the assessee is partly allowed

ITA 9187/DEL/2019[2015-16]Status: DisposedITAT Delhi13 Apr 2021AY 2015-16

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2015-16

Section 115JSection 143(3)Section 144CSection 145ASection 80ISection 92C

…purchase of investments, from analysis carried out at page 526 of objections in Form 35A. It is not the case that the assessee has indulged in regular trading in shares on day to day basis. 65.38. The Mumbai Bench of the ITAT in the case of Janak S. Rangwala (11 SOT 627) observed that mere volume and magnitude of transaction will not alter the nature of transaction if the intention was to hold the shares as investment and not in stock in trade. Investments in mutual funds – 65.39. Out of the total income earned from mutual funds, almost 67.34% of the total income earned from investments made in mutual funds was f…

DY. C.I.T. - 3(3)(1), MUMBAI vs. SHODEN DEVELOPERS PVT. LTD., MUMBAI

In the result Revenue’s appeals stand dismissed

ITA 7388/MUM/2017[2013-14]Status: DisposedITAT Mumbai30 Jan 2020AY 2013-14

Bench: Shri Shamim Yahya & Ram Lal Negiita Nos.7388, 7389 & 7399 /Mum/2017 Assessment Years : 2013-14, 2012-13 & 2014-15

For Appellant: Ms Bharti SinghFor Respondent: Shri Rakesh Mohan
Section 115JSection 143(2)Section 14ASection 57

…t out that there is no material change in the facts for the instant assessment year with that of previous assessment year. Therefore in these circumstances, we have to abide by the decision of Coordinate Bench of ITAT in the case ofjanak S. Kangwala vs. ACIT (11 SOT 627) in order to maintain judicial discipline and judicial consistency. 14. Apart from above, we also notice that substantial part of the outstanding unsecured loan is from Mr. Surendra Hiranandani, one of the main promoters of the group companies. Further, OD facility of Rs. 79,08,26,609/- is against FD of another group company M/s Hiranandani Towns…

INCOME TAX OFFICER 25(2)(3), MUMBAI vs. DAMYANTI ASHWIN PATEL, MUMBAI

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

ITA 5450/MUM/2017[2012-13]Status: DisposedITAT Mumbai24 Jun 2019AY 2012-13

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.5450/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) The Ito 25(2)(3) बिधम/ Damyanti Ashwin Patel R. No.504, C-10, 5Th Floor, 201, Deo Neo Vikram, „B‟ Vs. Wing, 2Nd Floor, Sahakar Pratyakshakar Bhavan, Bandra Kurla Complex, Nagar Chs, Above Audi Car Bandra (E), Mumbai- Show Room, New Link 400051. Road, Andheri (W), Mumbai-400053. . स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp2154K (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri R. Sindhu (Sr. Ar) Assessee By: Shri V. G. Ginde/Shri Kumar Kale सुनवाई की तारीख / Date Of Hearing: 16/05/2019 घोषणा की तारीख /Date Of Pronouncement: 24/06/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 12.06.2017 Passed By The Commissioner Of Income Tax (Appeals) -37, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 2. The Revenue Has Raised The Following Grounds: - A.Y.2012-13

For Appellant: Shri V. G. Ginde/Shri KumarFor Respondent: Shri R. Sindhu (Sr. AR)
Section 10(38)Section 143(1)Section 143(2)

…ppellant for the relevant financial Year. For this size of portfolio, it is obvious that investment will be spread over a number of scripts to diversify the risk. The quantity of shares will depend upon the face value of shares. In Janak S. Rangwala Vs. ACIT (11 SOT 627) (Mum), it was held that mere volume or magnitude of transactions would not alter its nature. There is difference between a trade and a transaction because in screen-based trading a single transaction may lead to several trades. There are frequent transactions of Buy-Sell-Buy in a scrip in short time span, it may indicate trading feature. In Korad…

HERO MOTOCORP LTD.,NEW DELHI vs. DCIT, CIRCLE- 11(1), NEW DELHI

Appeal of the assessee is partly allowed for statistical purpose

ITA 1351/DEL/2018[2009-10]Status: DisposedITAT Delhi23 Apr 2019AY 2009-10

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

For Appellant: Amount of Proposed international
Section 115JSection 143(3)Section 144C

…purchase of investments, from analysis carried out at page 526 of objections in Form 35A. It is not the case that the assessee has indulged in regular trading in shares on day to day basis. 65.38. The Mumbai Bench of the ITAT in the case of Janak S. Rangwala (11 SOT 627) observed that mere volume and magnitude of transaction will not alter the nature of transaction if the intention was to hold the shares as investment and not in stock in trade. Investments in mutual funds – 65.39. Out of the total income earned from mutual funds, almost 67.34% of the total income earned from investments made in mutual funds was f…

KETAN PRAVINCHANDRA KAMDAR,MUMBAI vs. DCIT CEN CIR 7(3), MUMBAI

In the result, the appeals are partly allowed

ITA 135/MUM/2016[2006-07]Status: DisposedITAT Mumbai21 Aug 2018AY 2006-07

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2006-07 & Assessment Year: 2008-09 Ketan Pravinchandra Dcit, Central Circle- Kamdar, 111, Loha Bhavan, Vs. 7(3) Erstwhile- Acit, P.D. Mello Road, Carnac Central Circle-42, Bunder, Mumbai-400009. Mumbai Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aabpk6092R Appellant Respondent Assessee By : Mr. Paresh Shaparia, Ar Revenue By : Mr. B. Srinivas, Cit Dr Date Of Hearing : 02/08/2018 Date Of Pronouncement : 21/08/2018

For Appellant: Mr. Paresh Shaparia, ARFor Respondent: Mr. B. Srinivas, CIT DR
Section 143(3)Section 153A(1)(a)

…ling in a short period it not necessarily to be taken as an activity of trading when the intention was to reduce the risk of loss of capital. In Naishadh V. Vachharajani (supra), the Tribunal followed the order of ITAT in the case of Janak S. Kangwala v. ACIT 11 SOT 627, wherein it is held that it is the intention of the assessee, which is to be seen to determine the nature of transaction conducted by the assessee. Though the investment in shares is on a large magnitude but the same Ketan Pravinchandra Kamdar shall not decide the nature of transaction. Similar transaction of sale and purchase of shares in the pr…

INCOME TAX OFFICER,, PUNE vs. SMT. ROOPA JAYANT GUPTA,, PUNE

In the result, all the 5 appeals of Revenue are dismissed

ITA 1298/PUN/2017[2010-11]Status: DisposedITAT Pune20 Jun 2018AY 2010-11

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अऩीऱ सं. / Ita Nos.1296 To 1300/Pun/2017 यनधाारण वषा / Assessment Years : 2008-09 To 2012-13 Income Tax Officer, अपीऱाथी/Appellant Ward 3(2), Pune …. Vs. Smt. Roopa Jayant Gupta, C/O Mrs. Mrinalini Kirloskar, Lakaki Road, Model Colony, Pune – 411016 …. प्रत्यथी / Respondent Pan: Aehpb5246H

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri Ajay Modi
Section 148

…buy a target quantity of a particular scrip in small lots for averaging purpose; and it should not be treated as frequent and repetitive transactions. The appellant then goes on to cite the decision of the ITAT, Mumbai Bench in the case of Janak S. Rangwala, 11 SOT 627 in which it was observed that mere volume and magnitude of transaction will not alter the nature of transaction if the intention was to hld the shares as investment and not as stock in trade. Similar explanation has been given once again by the letter dt 14.6.2010 by the appellant in response to the AO’s report.” We have examined the position, in…

INCOME TAX OFFICER,, PUNE vs. SMT. ROOPA JAYANT GUPTA,, PUNE

In the result, all the 5 appeals of Revenue are dismissed

ITA 1297/PUN/2017[2009-10]Status: DisposedITAT Pune20 Jun 2018AY 2009-10

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अऩीऱ सं. / Ita Nos.1296 To 1300/Pun/2017 यनधाारण वषा / Assessment Years : 2008-09 To 2012-13 Income Tax Officer, अपीऱाथी/Appellant Ward 3(2), Pune …. Vs. Smt. Roopa Jayant Gupta, C/O Mrs. Mrinalini Kirloskar, Lakaki Road, Model Colony, Pune – 411016 …. प्रत्यथी / Respondent Pan: Aehpb5246H

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri Ajay Modi
Section 148

…buy a target quantity of a particular scrip in small lots for averaging purpose; and it should not be treated as frequent and repetitive transactions. The appellant then goes on to cite the decision of the ITAT, Mumbai Bench in the case of Janak S. Rangwala, 11 SOT 627 in which it was observed that mere volume and magnitude of transaction will not alter the nature of transaction if the intention was to hld the shares as investment and not as stock in trade. Similar explanation has been given once again by the letter dt 14.6.2010 by the appellant in response to the AO’s report.” We have examined the position, in…

INCOME TAX OFFICER,, PUNE vs. SMT. ROOPA JAYANT GUPTA,, PUNE

In the result, all the 5 appeals of Revenue are dismissed

ITA 1296/PUN/2017[2008-09]Status: DisposedITAT Pune20 Jun 2018AY 2008-09

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अऩीऱ सं. / Ita Nos.1296 To 1300/Pun/2017 यनधाारण वषा / Assessment Years : 2008-09 To 2012-13 Income Tax Officer, अपीऱाथी/Appellant Ward 3(2), Pune …. Vs. Smt. Roopa Jayant Gupta, C/O Mrs. Mrinalini Kirloskar, Lakaki Road, Model Colony, Pune – 411016 …. प्रत्यथी / Respondent Pan: Aehpb5246H

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri Ajay Modi
Section 148

…buy a target quantity of a particular scrip in small lots for averaging purpose; and it should not be treated as frequent and repetitive transactions. The appellant then goes on to cite the decision of the ITAT, Mumbai Bench in the case of Janak S. Rangwala, 11 SOT 627 in which it was observed that mere volume and magnitude of transaction will not alter the nature of transaction if the intention was to hld the shares as investment and not as stock in trade. Similar explanation has been given once again by the letter dt 14.6.2010 by the appellant in response to the AO’s report.” We have examined the position, in…

INCOME TAX OFFICER,, PUNE vs. SMT. ROOPA JAYANT GUPTA,, PUNE

In the result, all the 5 appeals of Revenue are dismissed

ITA 1300/PUN/2017[2012-13]Status: DisposedITAT Pune20 Jun 2018AY 2012-13

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अऩीऱ सं. / Ita Nos.1296 To 1300/Pun/2017 यनधाारण वषा / Assessment Years : 2008-09 To 2012-13 Income Tax Officer, अपीऱाथी/Appellant Ward 3(2), Pune …. Vs. Smt. Roopa Jayant Gupta, C/O Mrs. Mrinalini Kirloskar, Lakaki Road, Model Colony, Pune – 411016 …. प्रत्यथी / Respondent Pan: Aehpb5246H

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri Ajay Modi
Section 148

…buy a target quantity of a particular scrip in small lots for averaging purpose; and it should not be treated as frequent and repetitive transactions. The appellant then goes on to cite the decision of the ITAT, Mumbai Bench in the case of Janak S. Rangwala, 11 SOT 627 in which it was observed that mere volume and magnitude of transaction will not alter the nature of transaction if the intention was to hld the shares as investment and not as stock in trade. Similar explanation has been given once again by the letter dt 14.6.2010 by the appellant in response to the AO’s report.” We have examined the position, in…

INCOME TAX OFFICER,, PUNE vs. SMT. ROOPA JAYANT GUPTA,, PUNE

In the result, all the 5 appeals of Revenue are dismissed

ITA 1299/PUN/2017[2011-12]Status: DisposedITAT Pune20 Jun 2018AY 2011-12

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अऩीऱ सं. / Ita Nos.1296 To 1300/Pun/2017 यनधाारण वषा / Assessment Years : 2008-09 To 2012-13 Income Tax Officer, अपीऱाथी/Appellant Ward 3(2), Pune …. Vs. Smt. Roopa Jayant Gupta, C/O Mrs. Mrinalini Kirloskar, Lakaki Road, Model Colony, Pune – 411016 …. प्रत्यथी / Respondent Pan: Aehpb5246H

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri Ajay Modi
Section 148

…buy a target quantity of a particular scrip in small lots for averaging purpose; and it should not be treated as frequent and repetitive transactions. The appellant then goes on to cite the decision of the ITAT, Mumbai Bench in the case of Janak S. Rangwala, 11 SOT 627 in which it was observed that mere volume and magnitude of transaction will not alter the nature of transaction if the intention was to hld the shares as investment and not as stock in trade. Similar explanation has been given once again by the letter dt 14.6.2010 by the appellant in response to the AO’s report.” We have examined the position, in…

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