Janak S. Rangwalla v. Asstt. CIT

11 SOT 627Income Tax Appellate Tribunal2007#1541 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 366,005 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

DCIT, Circle - 10, Kolkata vs. M/S. Veda Commercial Pvt. Ltd., Kolkata

Appeal is partly allowed for statistical purposes

ITA 1527/KOL/2010[2007-08]Status: DisposedITAT Kolkata16 Nov 2016AY 2007-08

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Rabin Chaudhury, JCIT
Section 143(3)Section 14A

…s (Pr) Ltd vs CIT reported in 41 ITR 534 (SC) ACIT vs Kethan Kumar A Shah reported in 242 ITR 83 (Ker) Motilal Oswal vs Addl CIT reported in 8 SOT 771 (Bom) CIT vs N.S.S.Investments P Ltd reported in 277 ITR 149 (Mad) Janak S Rangwalla vs ACIT reported in 11 SOT 627 (Mum) CIT vs Gopal Purohit reported in 228 CTR 582 (Bom) CIT vs Merlin Holding (P) Ltd reported in 375 ITR 118 (Cal) ITO vs Manimaya Holdings Pvt Ltd in ITA No. 439/Kol/2009 for Asst Year 2005-06 dated 6.4.2016 (Kolkata Tribunal) 5.8. We have heard the rival submissions and perused the materials available on record including the paper book fil…

DCIT, Circle - 10, Kolkata vs. M/S. Veda Commercial Pvt. Ltd., Kolkata

Appeal is partly allowed for statistical purposes

ITA 1064/KOL/2010[2006-07]Status: DisposedITAT Kolkata16 Nov 2016AY 2006-07

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Rabin Chaudhury, JCIT
Section 143(3)Section 14A

…s (Pr) Ltd vs CIT reported in 41 ITR 534 (SC) ACIT vs Kethan Kumar A Shah reported in 242 ITR 83 (Ker) Motilal Oswal vs Addl CIT reported in 8 SOT 771 (Bom) CIT vs N.S.S.Investments P Ltd reported in 277 ITR 149 (Mad) Janak S Rangwalla vs ACIT reported in 11 SOT 627 (Mum) CIT vs Gopal Purohit reported in 228 CTR 582 (Bom) CIT vs Merlin Holding (P) Ltd reported in 375 ITR 118 (Cal) ITO vs Manimaya Holdings Pvt Ltd in ITA No. 439/Kol/2009 for Asst Year 2005-06 dated 6.4.2016 (Kolkata Tribunal) 5.8. We have heard the rival submissions and perused the materials available on record including the paper book fil…

Hero Motocorp Limited, New Delhi vs. JCIT, New Delhi

In the result appeal of the assessee in ITA No

ITA 1545/DEL/2015[2010-11]Status: DisposedITAT Delhi24 Oct 2016AY 2010-11

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. NC Sawain, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…terize the income from sale of shares as business income: i. Holck Larsen v. CIT: 85 ITR 285 (SC) ii. J. M. Share & Stock Brokers Limited V. JCIT: ITA No. 2801/ Mum/ 00 iii. ACIT V. Motilal Oswal: [2006] 8 SOT 771 (Mum.) iv. Janak S. Rangwalla V. ACIT: [2007] 11 SOT 627 (Mum.) v. Shah-La Investments and Financial Consultants (P) Ltd. v. Dy. CIT: 2 SOT 371 (Hyd. Tri.) vi. ACIT v. Shri Sunder Iyer: ITA No. 295/Mum/2001 (share broker) vii. Sugamchand C. Shah v. ACIT: Lex ID 390372 (Ahd. Tri.) viii. Vinod M. Shah vs Addl. CIT: 2010 38 SOT 503 (Mum Tri.) ix. DCIT V. Ramesh Babu Lal in IT No‘s. 4084/ Mum/ 2009 (Mum. Tr…

D.C.I.T CC - VIII, Kolkata vs. M/S Purbanchal Leasing Ltd, Kolkata

In the result, appeal by the revenue is dismissed

ITA 1429/KOL/2013[2006-07]Status: DisposedITAT Kolkata19 Oct 2016AY 2006-07

Bench: Shri N. V. Vasudevan,J.M. & Shri M. Balaganesh, A.M.)

For Appellant: Shri A. K. Tulsiyan, FCAFor Respondent: Shri G. Mallikarjuna, CIT,DR
Section 143(3)Section 263

…s the sale was made within 30 days of purchase. The question is as to whether the volume and frequency can for the basis for drawing an inference that the Assessee was engaged in business. The Hon’ble ITAT Mumbai Bench in the case of Janak S.Rangwala Vs. ACIT 11 SOT 627 (mum) has held that magnitude of the transaction does not alter the nature of the transaction. As we have already seen it is not in dispute that the Assessee had treated the shares and units as investments in its books of accounts. Similar transactions have been accepted by the revenue in assessments for AY 2005-06 as giving raise to capital gains…

A.C.I.T. Circle 21(1), Mumbai vs. Mohan Kapoorchand Jain, Mumbai

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

ITA 4571/MUM/2012[2009-10]Status: DisposedITAT Mumbai30 Sept 2016AY 2009-10
For Appellant: Shri S.L.Tiwari and Ms. Rutuza N. PawarFor Respondent: Neil Philip

…gains under the facts of the case. The case of the assessee is further fortified by these decisions more specifically when the assessee holds the shares in his books as investor, no interest was paid on the funds. The decision in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with intentio…

Mohan Kapoorchand Jain, Mumbai vs. Asst CIT 21(1), Mumbai

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

ITA 3543/MUM/2012[2009-10]Status: DisposedITAT Mumbai30 Sept 2016AY 2009-10
For Appellant: Shri S.L.Tiwari and Ms. Rutuza N. PawarFor Respondent: Neil Philip

…gains under the facts of the case. The case of the assessee is further fortified by these decisions more specifically when the assessee holds the shares in his books as investor, no interest was paid on the funds. The decision in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with intentio…

Mohan Kapoorchand Jain, Mumbai vs. JCIT 20(2), Mumbai

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

ITA 3542/MUM/2012[2008-09]Status: DisposedITAT Mumbai30 Sept 2016AY 2008-09
For Appellant: Shri S.L.Tiwari and Ms. Rutuza N. PawarFor Respondent: Neil Philip

…gains under the facts of the case. The case of the assessee is further fortified by these decisions more specifically when the assessee holds the shares in his books as investor, no interest was paid on the funds. The decision in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with intentio…

Mohan Kapoorchand Jain, Mumbai vs. Addl CIT 20(2), Mumbai

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

ITA 3541/MUM/2012[2007-08]Status: DisposedITAT Mumbai30 Sept 2016AY 2007-08
For Appellant: Shri S.L.Tiwari and Ms. Rutuza N. PawarFor Respondent: Neil Philip

…gains under the facts of the case. The case of the assessee is further fortified by these decisions more specifically when the assessee holds the shares in his books as investor, no interest was paid on the funds. The decision in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with intentio…

Dilip Variya HUF, Mumbai vs. ITO 25(3)(2), Mumbai

The appeal of the assessee is allowed, more specifically when the assessee is carrying the business of

ITA 7597/MUM/2014[2010-11]Status: DisposedITAT Mumbai08 Sept 2016AY 2010-11

Bench: Shri Joginder Singh, Assessment Year: 2010-11 Mr. Dilip Variya Huf, Income Tax Officer-25(3)(2) 602, Shri Aashirwad Chs, Mumbai बनाम/ Shankar Lane, Opp. Shankar Vs. Mandir, Kandivali (W), Mumbai-400101 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aachd1838F

…आयकर अपील"य अ"धकरण,‘एक-सद"य’ "यायपीठ,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “SMC”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य, के सम" Before Shri Joginder Singh, Judicial Member, Assessment Year: 2010-11 Mr. Dilip Variya HUF, Income Tax Officer-25(3)(2) 602, Shri Aashirwad CHS, Mumbai बनाम/ Shankar Lane, Opp. Shankar Vs. Mandir, Kandivali (W), Mumbai-400101 "नधा"रती / Assessee राज"व / Revenue P.A. No.AACHD1838F Shri N.M. Porwal "नधा"रती क" ओर से / Assessee by राज"व क" ओर से / Revenue by Shri Sumit Kumar-DR सुनवाई क" तार"ख / Date of Hearing 07/09/2016 08/09/2016 आदेश क" तार"ख /Date of Order: आदेश…

ACIT Cir 4(2), Mumbai vs. Jbf Industries Ltd, Mumbai

In the result, the appeal of the revenue is partly allowed

ITA 5637/MUM/2013[2006-07]Status: DisposedITAT Mumbai12 Aug 2016AY 2006-07

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2695/M/11 & I.T.A.No.6209/Mum/11 ("नधा"रण वष" / Assessment Year:, 2007-08 & 2008-09) M/S. Jbf Industries Limited बनाम/ Addl. Commissioner Of 8Th Floor, Express Tower, Income Tax 4(2) Vs. Nariman Point, Aayakar Bhavan, 6Th Floor Mumbai - 400021 Mumbai. आयकर अपील सं/ I.T.A. No.5637/Mum/13, I.T.A.2765/Mum/11

For Appellant: Dr. K. ShivaramFor Respondent: Shri Alok Johri (CIT-DR)
Section 143(1)Section 143(3)Section 271(1)(c)Section 40A(2)(b)

…cannot be a basis for change of I.T.A. No.2695&6209/Mum/11, 5637/Mum/13, I.T.A.2765/Mum/11, 638/Mum/2013 & 6042/Mum/2011 A.Y.2006-07, 2007-08 & 2008-09 stand. Further, the decision of the Hon’ble ITAT Mumbai in the case of Janak S. Rangwall Vs. ACIT (2007) 11 SOT 627 (Mum) is in the favour of the appellant company wherein it has been held as under, “The mere volume of transaction transacted by the assessee would not alter the nature of transaction. It is an established principle that income is to be computed with regard to the transaction. The transaction in whole has to be taken income consideration and the…

ACIT RG 25(3), Mumbai vs. Dattani Development, Mumbai

In the result, the appeal filed by the Revenue in ITA N0

ITA 5075/MUM/2010[2007-08]Status: DisposedITAT Mumbai27 Jul 2016AY 2007-08

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.5075/Mum/2010 ("नधा"रण वष" / Assessment Year : 2007-08) The Acit – 25(3), M/S Dattani Development, बनाम/ C-11, R. No. 308, 100, Shreeji Darshan, V. Pratyaksh Kar Bhavan, 1St Floor, S.V. Road, Bandra-Kurla Complex, Kandivali (West), Bandra (East), Mumbai – 400 067. Mumbai – 400 051. "थायी लेखा सं./Pan : Aabfd4969Q (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: Miss Aarti SatheFor Respondent: Shri Mukesh Jain, DR
Section 143(2)Section 143(3)Section 50CSection 5O

…has consistently been admitting that the profit or loss in respect of the properties shown under the head investment in the balance sheet under the head business. The ld. CIT(A) relied on the decision of the Tribunal in the case of Janak S. Rangwalla v. ACIT, 11 SOT 627 and the decision of Hon’ble ITA 5075/Mum/2010 15 Supreme Court in the case of Radhasoami Satsang v. CIT, [1992] 193 ITR 321 holding that though the principle of res judicata does not apply to the income tax proceedings as each year is an independent year of the assessment and to maintain the consistency the same view should be adopted for the s…

Kamal Kishore Agarwal, Mumbai vs. ITO 24(2)(1), Mumbai

In the result, appeals for A

ITA 3515/MUM/2014[2010-11]Status: DisposedITAT Mumbai13 Jul 2016AY 2010-11
For Appellant: Shri S.C. Tiwari & Rutuja PawarFor Respondent: Shri Morya Pratap
Section 143(3)

…be acquired as investment or as a trading asset; this intention of the assessee is to be inferred from the attending circumstances of the case, and after properly evaluating all the attending circumstances. iv. In the case of Janak S. Rangwalla v/s Asstt. CIT 11 SOT 627 (Mumbai) held that it is the intention of the assessee which is to be seen to determine the nature of the transactions conducted by the assessee. v. In the case of Addl. CIT v/s Shri Motilal Oswal ITA Nos. 3860,3861,3862&3863/Mum/2001, dated 28/08/2006 Tribunal specifically took cognizance of the fact that in the assessee‟s books, there was clear…

DCIT 24(2), Mumbai vs. Kamal Kioshor Agarwal, Mumbai

In the result, appeals for A

ITA 5974/MUM/2011[2008-09]Status: DisposedITAT Mumbai13 Jul 2016AY 2008-09
For Appellant: Shri S.C. Tiwari & Rutuja PawarFor Respondent: Shri Morya Pratap
Section 143(3)

…be acquired as investment or as a trading asset; this intention of the assessee is to be inferred from the attending circumstances of the case, and after properly evaluating all the attending circumstances. iv. In the case of Janak S. Rangwalla v/s Asstt. CIT 11 SOT 627 (Mumbai) held that it is the intention of the assessee which is to be seen to determine the nature of the transactions conducted by the assessee. v. In the case of Addl. CIT v/s Shri Motilal Oswal ITA Nos. 3860,3861,3862&3863/Mum/2001, dated 28/08/2006 Tribunal specifically took cognizance of the fact that in the assessee‟s books, there was clear…

Kamal Kishor Agarwal, Mumbai vs. Addl CIT RG 24(2), Mumbai

In the result, appeals for A

ITA 4463/MUM/2009[2006-07]Status: DisposedITAT Mumbai13 Jul 2016AY 2006-07
For Appellant: Shri S.C. Tiwari & Rutuja PawarFor Respondent: Shri Morya Pratap
Section 143(3)

…be acquired as investment or as a trading asset; this intention of the assessee is to be inferred from the attending circumstances of the case, and after properly evaluating all the attending circumstances. iv. In the case of Janak S. Rangwalla v/s Asstt. CIT 11 SOT 627 (Mumbai) held that it is the intention of the assessee which is to be seen to determine the nature of the transactions conducted by the assessee. v. In the case of Addl. CIT v/s Shri Motilal Oswal ITA Nos. 3860,3861,3862&3863/Mum/2001, dated 28/08/2006 Tribunal specifically took cognizance of the fact that in the assessee‟s books, there was clear…

DCIT, Circle - 10, Kolkata vs. Trisys on the Net Pvt. Ltd., Kolkata

In the result, Revenue’s appeal is dismissed

ITA 1547/KOL/2011[2006-07]Status: DisposedITAT Kolkata24 Jun 2016AY 2006-07

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)

…addressed in this issue is whether the frequency of transactions would alone indicate the trading activity. In this regard, we find the coordinate bench of Mumbai Tribunal had an occasion to consider the same in the case of Janak S. Rangawalla vs. ACIT (2007) 11 SOT 627 (Mum), wherein it was 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 shall not decide the nature of transaction. Similar transactions of sale and purchase of shares in the preceding years have…

Darshana B. Doshi, Mumbai vs. A.C.I.T. Circle 13(3), Mumbai

The appeal of the assessee is hereby allowed

ITA 5462/MUM/2012[2008-09]Status: DisposedITAT Mumbai07 Jun 2016AY 2008-09

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09 Smt. Darshana B. Doshi Acit, Circle-13(3), 31, Broach Street, Devraj 430, Aayakar Bhavan, 4Th बनाम/ Ratanshi Marg, Iron Market, Floor, M.K. Marg, Vs. Masjid Bunder, Mumbai 400 020. Mumbai 400009. Pan. No. Aabpd7806Q (राज"व /Revenue ) ("नधा"रती /Assessee)

Section 10(34)

…io laid down in Smt. Geeta Devi Mahipal vs. ITO (2004) 1 SOT 468 (Jd) supports the case of the assessee. Identical ratio was laid down in Vinod K. Nevatia vs. ACIT 7 Smt. Darshana B. Doshi (2011) 49 DTR (Mum) (Trib) 16 and Janak S. Rangwalla vs. ACIT (2007) 11 SOT 627 (Mum), Paresh D. Shah vs. JCIT (2010) 2 ITR (Trib) 311 (Mum), Suresh Kumar Seksaria vs. ACIT (2010) 1 ITR (Trib) 783 (Mum). Identical ratio was laid down in ACIT vs. Dinesh K. Mehta (HUF) (2010) 39 SOT 488 (Mum). Considering the totality of facts, we are of the view that where the assessee has shown investment in shares under the head “investment”…

Mr. Chetan Kantilal Mehta, Mumbai vs. ACIT 25(3), Mumbai

The appeal is dismissed

ITA 637/MUM/2011[2007-08]Status: DisposedITAT Mumbai16 May 2016AY 2007-08

Bench: Shri Joginder Singh & Shri Rajendraassessment Year: 2007-08

Section 143(3)

…nst the Assessee is the fact that the volume of shares transacted and their value is high in the present A.Y. On this aspect, we find that the CIT(A) had relied on the decision of the Hon’ble ITAT Mumbai Bench decision in the case of Janak S.Rangwala Vs. ACIT 11 SOT 627 (Mum) wherein it has been held that magnitude of the transaction does not alter the nature of the transaction.” 16. For the reasons given above, we confirm the order of CIT(A) and dismiss the appeal by the Revenue.” 10. Thus, consistent with the view taken by the Tribunal in assessee’s own case for the earlier year on similar set of facts and ci…

DCIT Cir - 6, Kolkata. vs. M/S K.B. Capital Markets Ltd., Kolkata

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

ITA 1882/KOL/2012[2008-2009]Status: DisposedITAT Kolkata13 May 2016AY 2008-2009

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

For Appellant: Shri D.S.Damle, FCAFor Respondent: Shri Rajat Subhra. Biswas, CIT(DR) &
Section 10Section 111ASection 14ASection 94(7)

…ugh the rule of res judicata is not applicable but the principle of consistency will definitely apply and on that basis the claim of the Assessee should be held to be proper. 19. The Hon’ble ITAT Mumbai Bench decision in the case of Janak S.Rangwala Vs. ACIT 11 SOT 627 (Mum) has been held that magnitude of the transaction does not alter the nature of the transaction. Therefore magnitude of transactions carried out by the Assessee, in our view, should not be very material in coming to the conclusion that income in question is income from business. 20. On a consideration of the facts and circumstances of the pres…

Kb Capital Markets (P) Ltd., Kolkata vs. D.C.I, .T Cir - 6, Kolkata.

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

ITA 1726/KOL/2012[2008-2009]Status: DisposedITAT Kolkata13 May 2016AY 2008-2009

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

For Appellant: Shri D.S.Damle, FCAFor Respondent: Shri Rajat Subhra. Biswas, CIT(DR) &
Section 10Section 111ASection 14ASection 94(7)

…ugh the rule of res judicata is not applicable but the principle of consistency will definitely apply and on that basis the claim of the Assessee should be held to be proper. 19. The Hon’ble ITAT Mumbai Bench decision in the case of Janak S.Rangwala Vs. ACIT 11 SOT 627 (Mum) has been held that magnitude of the transaction does not alter the nature of the transaction. Therefore magnitude of transactions carried out by the Assessee, in our view, should not be very material in coming to the conclusion that income in question is income from business. 20. On a consideration of the facts and circumstances of the pres…

DCIT, Circle - 12, Kolkata vs. M/S. Hobb International Pvt. Ltd., Kolkata

In the result the cross objection is partly allowed

ITA 1383/KOL/2010[2004-05]Status: DisposedITAT Kolkata11 May 2016AY 2004-05

Bench: Hon’Ble Shri P.M.Jagtap, Am & Sri N.V.Vasudevan, Jm ] I.T.A No. 1383/Kol/2010 Assessment Year : 2004-05

For Appellant: Shri Manish Tiwari, FCAFor Respondent: Shri Niloy Baran Som JCIT, Sr.DR
Section 143(3)

…and sold were that of listed companies. It cannot also be said that the volume and frequency of transactions was high so as to draw an inference that the Assessee was engaged in business. The Hon’ble ITAT Mumbai Bench in the case of Janak S.Rangwala Vs. ACIT 11 SOT 627 (mum) has held that magnitude of the transaction does not alter the nature of the transaction. The total income declared by the Assessee 6 7 ITA No.1383/Kol2010&C.O.92/Kol/2010 M/s. HobbInternational Pvt. Ltd. A.Yr.2004-05 in the return of income for the present AY is a sum of Rs. 41,03,490 comprising of income under the head “Income from Busines…