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“short term capital gains”

Capital GainsSection 2(42A)Section 2(42A)903 judgments

The decision most relied on for short term capital gains is CIT v. Ace Builders (P) Ltd. (281 ITR 210), cited in 88 judgments on BharatTax.

Leading authorities on short term capital gains

CIT v. Ace Builders (P) Ltd.
281 ITR 210 · 2005 · High Court
88
citing judgments

The deeming fiction in Section 50, which treats capital gains from depreciable assets as short-term, applies only for the purpose of computing capital gains under that section. For other provisions, such as set-off of losses under Section 74 or deductions under Section 54E/54EC, the asset's original character (long-term or short-term) is to be considered.

CIT, Panji v. Dempo Company Limited
74 Taxmann.com 15 · 2016 · Supreme Court
62
citing judgments

The 20% tax rate under Section 112 applies to capital gains arising from the transfer of a depreciable asset, even if it is deemed a short-term capital gain under Section 50, provided the asset was held for more than 36 months. The fiction created by Section 50 for treating such gains as short-term does not alter the long-term nature of the asset for applying the tax rate under Section 112.

Raja Bahadur Kamakhya Narain Singh v. CIT
77 ITR 253 · 1970 · Supreme Court
49
citing judgments

The Supreme Court clarifies the distinction between income chargeable as capital gains and income taxable as business profits, guiding the assessment of whether a transaction constitutes a transfer of a capital asset or is in the nature of trade.

Indl. Development Co. (P) Ltd., 82 ITR 588 (SC). (ii). CIT v. H. Holck Larsen
288 ITR 641 · 2007 · Reported
41
citing judgments

Surplus received on sale and purchase of shares should be treated as capital gains (short-term or long-term as applicable) and not as business income.

Mrs. Madhu Kaul v. CIT
363 ITR 54 · 2014 · High Court
35
citing judgments

The period of holding a flat for capital gains purposes commences from the date of the allotment letter and the first installment payment, not from the later date of possession or registration.

Gopal Purohit v. JCIT
29 SOT 117 · 2009 · ITAT
33
citing judgments

The revenue is debarred from taking inconsistent stands on similar facts across different assessment years, adhering to the rule of consistency. Short-term capital gains are assessable under the head 'Capital Gains' only.

Raja Bahadur Visheshwar Singh v. CIT
73 ITR 652 · 1969 · Supreme Court
26
citing judgments

The intention of the assessee at the time of purchasing shares is a key criterion to determine capital gains treatment. This intention can be ascertained from how the purchase was treated in the assessee's books.

JCIT v. Montgomery Emerging Marketing Funds,\n
100 ITD 217 · 2006 · ITAT
23
citing judgments

Each transaction can be considered a separate source of income, allowing taxpayers to choose between the Income-tax Act and a Double Taxation Avoidance Agreement (DTAA) for each transaction. Section 70(2) of the Act does not prescribe an order for setting off specific short-term capital losses against specific short-term capital gains, favouring the taxpayer in interpretation.

Judgments citing short term capital gains

ACIT, Circle, Mumbai, Piramal Chamber vs. Abhishek Rajendrakumar Mundra, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 3929/MUM/2024[2016-17]Status: DisposedITAT Mumbai16 Jun 2025AY 2016-17

Bench: Shri Sandeep Gosain & Shri Prabhash Shankarआयकर अपील सुं./Ita No. 3929/Mum/2024 (नििाारण वर्ा / Assessment Year :2016-17) Acit, Circle, Mumbai V/S. Abhishek Rajendrakumar 601, 6Th Floor, Piramal बिाम Mundra Chambers, Lalbaug, Parel, C-28, Ameya Building, Mumbai-400012 Behind Ymca, Dn Nagar, Po Azad Nagar, Andheri West, Mumbai-400053 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aacpm5067H Appellant/अपीलार्थी .. Respondent/प्रनिवादी प्रनि आपत्ति सुं./ Co No. 100/Mum/2025 (Arising Out Of Ita No. 3929/Mum/2024) (नििाारण वर्ा / Assessment Year :2016-17) Abhishek Rajendrakumar V/S. Acit, Circle, Mumbai बिाम Mundra 601, 6Th Floor, Piramal C-28, Ameya Building, Chambers, Lalbaug, Parel, Behind Ymca, Dn Nagar, Mumbai-400012 Po Azad Nagar, Andheri West, Mumbai-400053 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aacpm5067H Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Vimal Punmiya राजस्व की ओर से /Revenue By: Shri Aditya Rai, Sr. Dr

For Appellant: Shri Vimal PunmiyaFor Respondent: Shri Aditya Rai, Sr. DR
Section 250Section 68

respect of identical facts of sale of shares of Yamini Investment Company Limited, the income tax department had accepted the claim of short term capital gains disclosed by him to be genuine in the reopened assessment proceedings under section 143(3) read with section 147 of the Act dated

Employees Retirement System of Texas, Mumbai vs. Dy CIT (Int. Tax)-2(2)(1), Mumbai

The appeals are partly allowed

ITA 2155/MUM/2025[2022-23]Status: DisposedITAT Mumbai13 Jun 2025AY 2022-23

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Anish ThackarFor Respondent: Shri Satya Pal Kumar
Section 143(3)Section 144BSection 144C(13)Section 144C(5)Section 70Section 70(2)

Erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Security Transaction Tax ('STT'); 2. Erred to appreciate that income under ... losses, the short-term capital loss arising from sale of shares subjected to STT can be first set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected to STT. 4. Erred

Fidelity Rutland Square Trust II Strategic Advisers Emerging Markets Fund, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation), Mumbai

The appeals are partly allowed

ITA 2127/MUM/2025[2022-23]Status: DisposedITAT Mumbai13 Jun 2025AY 2022-23
For Respondent: Shri Anish Thackar
Section 143(3)Section 144BSection 144C(13)Section 144C(5)Section 70Section 70(2)

Erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Security Transaction Tax ('STT'); 2. Erred to appreciate that income under ... losses, the short-term capital loss arising from sale of shares subjected to STT can be first set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected to STT. 4. Erred

Fidelity Salem Street Trust Fidelity Sai Emerging Markets Index Fund, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(3)(1), Mumbai

The appeals are partly allowed

ITA 2126/MUM/2025[2022-23]Status: DisposedITAT Mumbai13 Jun 2025AY 2022-23

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Anish ThackarFor Respondent: Shri Satya Pal Kumar
Section 143(3)Section 144BSection 144C(13)Section 144C(5)Section 70Section 70(2)

Erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Security Transaction Tax ('STT'); 2. Erred to appreciate that income under ... losses, the short-term capital loss arising from sale of shares subjected to STT can be first set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected to STT. 4. Erred

Fidelity Rutland Square Trust II Strategic Advisers Fid Emg Markets Fund, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation )2(3)(1), Mumbai

ITA 2125/MUM/2025[2022-23]Status: DisposedITAT Mumbai13 Jun 2025AY 2022-23
Section 143(3)Section 144BSection 144C(13)Section 144C(5)Section 70(2)

Erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Security Transaction Tax ('STT'); Erred to appreciate that income under the head ... losses, the short-term capital loss arising from sale of shares subjected to STT can be first set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected to STT. Erred

DCIT (It) -3(1)(1), Mumbai vs. Jp Morgan India Smaller Companies Fund, Mumbai

Accordingly, we do not find any infirmity in the order passed by the CIT(A). Ground No. 1, 2 and 3 raised by the Revenue are dismissed

ITA 1028/MUM/2025[2016-17]Status: DisposedITAT Mumbai12 Jun 2025AY 2016-17

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SMT. RENU JAUHRI (Accountant Member)

For Appellant: Shri Anish Thacker, Shri PranayFor Respondent: Shri Krishna Kumar
Section 143(3)Section 144CSection 144C(3)Section 250Section 90(2)

Double Taxation Avoidance Agreement between Indian and Mauritius [for short ‘DTAA’] are more beneficial to the Assessee. Thus, the Assessee claimed the short-term capital gains of INR.16,27,76,461/- and long-term capital gains of INR.101,76,72,395/- as not taxable in India. Further, the Assessee ... provisions of the Act or the Treaty. In the instant case, during the relevant financial year, the appellant had earned short term capital gains and long term capital gains on equity shares, and the appellant has chosen the provisions of DTAA for the instant assessment year. Therefore, the option available

Ishares Msci All Country Asia Ex Japan Etf(As A Successor to Ishares Msci All Country Asia Ex Japan Mauritius Co), Mumbai vs. DCIT (Int)-2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2154/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

Section 143(3)Section 144C(13)

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Ishares Msci India Etf(As A Sucessor to Ishares India Index Maruitius Company), Mumbai vs. DCIT (Int)-2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2153/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Ishares Core Msci Em Imi Ucits Etf, Mumbai vs. DCIT (Int)-2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2152/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Ishares Core Msci Total International Stock Etf (As A Successor to Ishares Core Total International Stock Mauritius Co ), Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2151/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Ishares Msci Emerging Markets Etf (As A Successor to Ishares Emerging Markets Index Mauritius Co ), Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2150/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Ishares India 50 Etf (As A Successor to Ishares India Mauritius Co ), Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2149/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Ishares Msci Em Ucits Etf Usd Dist, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2148/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Ishares Msci India Ucits Etf, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation )-2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2147/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Schwab Emerging Markets Equity Etf, Mumbai vs. Deputy Commissioner of Income Tax International Taxation -4(2)(1), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2134/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Ishares Core Msci Emerging Markets Etf (As A Sucessor to Ishares Core Emerging Markets Mauritius Company), Mumbai vs. Deputy Commissioner of Income Tax (International Taxation) 2(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical

ITA 2085/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhail

erred in rejecting the hierarchy of set-off of short-term capital losses adopted by the Appellant and thereby, taxing the gross short-term capital gains in respect of transactions on the sale of shares not chargeable to Securities Transaction Tax (STT): 2. failed to appreciate that income under ... short-term capital loss arising from sale of shares subjected to Securities Transaction Tax ('STT) can first be set-off against the short-term capital gains arising from sale of securities not subjected to STT instead of short-term capital gains arising from sale of shares subjected

Incline Realty Pvt Ltd, Mumbai vs. DCIT, Central Circle -4(1), Mumbai

ITA 112/MUM/2025[2015-16]Status: DisposedITAT Mumbai11 Jun 2025AY 2015-16

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Vijay MehtaFor Respondent: Ms. Vranda Matkari
Section 143(3)Section 250Section 36(1)(iii)

following income under different heads of income: Particular Amount (INR) I Business Loss (on account of Interest Expenses) (-)1,72,85,691/- II Short Term Capital Gain (on Sale of Mutual Funds) 1,52,76,877/- III Income from Other Sources (Interest Income) 2,51,029/- IV Tax Free Dividend ... mutual funds and fixed deposits. The Assessing Officer observed that the Assessee had declared income from sale of units of mutual funds as Short Term Capital Gains. The Assessee-Company was involved in the business of developing of property and not in the business of investments/trading in shares. Therefore

Mohar Singh Gour, Bhopal vs. ITO NFAC, Delhi

Appeal is dismissed is non payment of advance

ITA 650/IND/2024[2013-14]Status: DisposedITAT Indore05 Jun 2025AY 2013-14

Bench: Bhagirath Mal Biyani & Shri Paresh M Joshi

Section 139Section 147Section 148Section 246ASection 249(4)(b)Section 250Section 253

basis of opinion without any corroborative evidence has added income of Rs. 2,00,00,000/- in the hands of assessee as short term capital gains and the Learned CIT Appeals has dismissed the appeal file against the Page 4 of 10 Mohar Singh Gour ITA Nos. 649 & 650/Ind/2024 - A.Y.2013-14

Mohar Singh Gour, Bhopal vs. ITO NFAC, Delhi

Appeal is dismissed is non payment of advance

ITA 649/IND/2024[2013-2014]Status: DisposedITAT Indore05 Jun 2025AY 2013-2014

Bench: Bhagirath Mal Biyani & Shri Paresh M Joshi

Section 139Section 147Section 148Section 246ASection 249(4)(b)Section 250Section 253

basis of opinion without any corroborative evidence has added income of Rs. 2,00,00,000/- in the hands of assessee as short term capital gains and the Learned CIT Appeals has dismissed the appeal file against the Page 4 of 10 Mohar Singh Gour ITA Nos. 649 & 650/Ind/2024 - A.Y.2013-14

Hemantkumar Gajanan Lad, Kalamboli vs. The Income Tax Officer, Ward-5, Panvel

In the result, the appeal is allowed for statistical purposes

ITA 2765/PUN/2024[2012-13]Status: PendingITAT Pune04 Jun 2025AY 2012-13

Bench: Shri R. K. Panda & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.2765/Pun/2024 िनधा"रण वष" / Assessment Year : 2012-13 Hemantkumar Gajanan Lad, Vs. Ito, Ward-5, Panvel. 703, Krushidhan Chs, Sector 3, Kalamboli- 410218. Pan : Abjpl6243N Appellant Respondent Assessee By : Shri Ajinkya M. Vaishampayan Revenue By Shri Ramnath P. Murkunde : Date Of Hearing 02.06.2025 : Date Of Pronouncement : 04.06.2025 आदेश / Order Per Vinay Bhamore, Jm: This Appeal Filed By The Assessee Is Directed Against The Order Dated 31.07.2024 Passed By Ld. Cit(A)/Nfac For The Assessment Year 2012-13. 2. There Is Delay In Filing Of The Present Appeal. We Are Satisfied With The Reasons Mentioned In The Affidavit For Condonation That The Applicant Was Prevented By Sufficient Cause For Not Filing The Appeal Within The Prescribed Time Limit. Ld. Dr Has Not Raised Any Objection To Condone The Delay, Therefore We Condone The Delay & Proceed To Adjudicate The Appeal.

For Appellant: Shri Ajinkya M. Vaishampayan
Section 143(3)Section 148Section 45(1)

verification of the submissions of the assessee, the Assessing Officer completed the assessment u/s 143(3) r.w.s. 147 on 31.07.2017 by bringing the short term capital gains of Rs.1,86,49,906/- into tax & determining total income of Rs.1,88,80,750/- as against income returned by the assessee