← All Phrases

“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

The Income Tax Officer, Ward-3(2), Visakhapatnam vs. Sri Mutchuakarla Appa Rao, Visakhapatnam

In the result, appeal of the Revenue is partly allowed

ITA 668/VIZ/2019[2011-2012]Status: DisposedITAT Visakhapatnam17 Mar 2023AY 2011-2012

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./ I.T.A. No.668/Viz/2019 ("नधा"रण वष" / Assessment Year : 2011-12) Income Tax Officer, Vs. Sri Mutchuakarla Appa Rao, Ward-3(2), Visakhapatnam. Visakhapatnam. Pan: Ahvpm 9813 F (अपीलाथ"/ Appellant) (""यथ"/ Respondent) C.O. No.22/Viz/2021 (In आयकर अपील सं./ I.T.A. No.668/Viz/2019) ("नधा"रण वष" / Assessment Year : 2011-12) Sri Mutchuakarla Appa Rao, Vs. Income Tax Officer, Visakhapatnam. Ward-3(2), Pan: Ahvpm 9813 F Visakhapatnam. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Assessee By : Sri C. Subrahmanyam, Ca ""याथ" क" ओर से / Revenue By : Sri On Hari Prasad Rao, Sr. Ar सुनवाई क" तार"ख / Date Of Hearing : 20/02/2023 घोषणा क" तार"ख/Date Of : 17/03/2023 Pronouncement O R D E R

For Appellant: Sri C. Subrahmanyam, CAFor Respondent: Sri ON Hari Prasad Rao
Section 131Section 133ASection 142(1)Section 143(2)Section 143(3)Section 250A

possession of Rs. 12,00,000 assessee (ii) Unexplained investment in purchase of Rs. 43,59,500 property at Pendurti (iii) Short Term Capital Gains Rs. 99,00,500 (iv) Additional profit Rs. 1,99,510 (v) Unexplained credits in various bank accounts Rs. 54,89,800 Aggrieved ... explained by the assessee individual. 5. The Ld. CIT (A) ought not have given relief for the assessee in respect of addition of short term capital gains of Rs. 99,00,500/- solely on the issue that the amounts have been repaid by the consideration was received by the assessee

Kathiravan Srinivasan, Perambalur vs. DCIT, Circle -1, Tiruchirapalli

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

ITA 172/CHNY/2022[2011-2012]Status: DisposedITAT Chennai23 Dec 2022AY 2011-2012

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकरअपील सं./Ita Nos.: 170 & 171/Chny/2022 िनधा"रण वष" / Assessment Year: 2010-11 & आयकरअपील सं./Ita No.: 172/Chny/2022 िनधा"रण वष" / Assessment Year: 2011-12 Shri Kathiravan Srinivasan, Vs The Dcit, No.274C, Thuraiyur Road, Circle-1, 2Nd Perambalur – 621 212. Main Building, Floor, New No.44, Old No.4, Williams Road, Cantonment, Pan: Ajspk 6687Q Trichirapalli-620 001. (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri G. Baskar, Advocate ""यथ" क" ओर से/Respondent By : Shri Darzakhum Songate, Cit सुनवाई क" तार"ख/Date Of Hearing : 18.10.2022 घोषणा क" तार"ख/Date Of Pronouncement : 23.12.2022 आदेश /O R D E R Per Mahavir Singh, Vp: These Three Appeals By The Assessee Are Arising Out Of Two Different Orders Of The Commissioner Of Income Tax (Appeals)-19, Chennai In Ita Nos.581 & 582/Chny/19-20 Dated 03.03.2022. The Assessments In Ita Nos.170 & 172/Chny/2022 Were Framed By The Jcit, Range 1, Trichy For The Assessment Years 2010-11 & 2011-12 U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) Vide Orders Dated 31.03.2013 & 31.03.2014 Respectively. The Third Appeal In Ita No.171/Chny/2022 Is Against The Assessment Order Framed In Consequence To Revision Order Passed By Pcit U/S.263 Of The Act & Consequent Order Of The Ao For The Assessment Year 2010-11 U/S.143(3) R.W.S. 263 Of The Act Dated 12.03.2015 Passed By The Dcit, Circle-1, Trichy.

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri Darzakhum Songate, CIT
Section 143(3)Section 263Section 68

trusts in assessment year 2010-11 & 2011-12 for consideration as noted above. The AO treated these lands as the same to short term capital gains. The CIT(A) exactly on identical facts dismissed the claim of assessee. Aggrieved, now assessee is in appeal before the Tribunal for both

Kathiravan Srinivasan, Perambalur vs. DCIT, Circle-1, Tiruchirapalli

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

ITA 171/CHNY/2022[2010-11]Status: DisposedITAT Chennai23 Dec 2022AY 2010-11

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकरअपील सं./Ita Nos.: 170 & 171/Chny/2022 िनधा"रण वष" / Assessment Year: 2010-11 & आयकरअपील सं./Ita No.: 172/Chny/2022 िनधा"रण वष" / Assessment Year: 2011-12 Shri Kathiravan Srinivasan, Vs The Dcit, No.274C, Thuraiyur Road, Circle-1, 2Nd Perambalur – 621 212. Main Building, Floor, New No.44, Old No.4, Williams Road, Cantonment, Pan: Ajspk 6687Q Trichirapalli-620 001. (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri G. Baskar, Advocate ""यथ" क" ओर से/Respondent By : Shri Darzakhum Songate, Cit सुनवाई क" तार"ख/Date Of Hearing : 18.10.2022 घोषणा क" तार"ख/Date Of Pronouncement : 23.12.2022 आदेश /O R D E R Per Mahavir Singh, Vp: These Three Appeals By The Assessee Are Arising Out Of Two Different Orders Of The Commissioner Of Income Tax (Appeals)-19, Chennai In Ita Nos.581 & 582/Chny/19-20 Dated 03.03.2022. The Assessments In Ita Nos.170 & 172/Chny/2022 Were Framed By The Jcit, Range 1, Trichy For The Assessment Years 2010-11 & 2011-12 U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) Vide Orders Dated 31.03.2013 & 31.03.2014 Respectively. The Third Appeal In Ita No.171/Chny/2022 Is Against The Assessment Order Framed In Consequence To Revision Order Passed By Pcit U/S.263 Of The Act & Consequent Order Of The Ao For The Assessment Year 2010-11 U/S.143(3) R.W.S. 263 Of The Act Dated 12.03.2015 Passed By The Dcit, Circle-1, Trichy.

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri Darzakhum Songate, CIT
Section 143(3)Section 263Section 68

trusts in assessment year 2010-11 & 2011-12 for consideration as noted above. The AO treated these lands as the same to short term capital gains. The CIT(A) exactly on identical facts dismissed the claim of assessee. Aggrieved, now assessee is in appeal before the Tribunal for both

Kathiravan Srinivasan, Perambalur vs. DCIT, Circle-1, Tiruchirapalli

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

ITA 170/CHNY/2022[2010-11]Status: DisposedITAT Chennai23 Dec 2022AY 2010-11

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकरअपील सं./Ita Nos.: 170 & 171/Chny/2022 िनधा"रण वष" / Assessment Year: 2010-11 & आयकरअपील सं./Ita No.: 172/Chny/2022 िनधा"रण वष" / Assessment Year: 2011-12 Shri Kathiravan Srinivasan, Vs The Dcit, No.274C, Thuraiyur Road, Circle-1, 2Nd Perambalur – 621 212. Main Building, Floor, New No.44, Old No.4, Williams Road, Cantonment, Pan: Ajspk 6687Q Trichirapalli-620 001. (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri G. Baskar, Advocate ""यथ" क" ओर से/Respondent By : Shri Darzakhum Songate, Cit सुनवाई क" तार"ख/Date Of Hearing : 18.10.2022 घोषणा क" तार"ख/Date Of Pronouncement : 23.12.2022 आदेश /O R D E R Per Mahavir Singh, Vp: These Three Appeals By The Assessee Are Arising Out Of Two Different Orders Of The Commissioner Of Income Tax (Appeals)-19, Chennai In Ita Nos.581 & 582/Chny/19-20 Dated 03.03.2022. The Assessments In Ita Nos.170 & 172/Chny/2022 Were Framed By The Jcit, Range 1, Trichy For The Assessment Years 2010-11 & 2011-12 U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) Vide Orders Dated 31.03.2013 & 31.03.2014 Respectively. The Third Appeal In Ita No.171/Chny/2022 Is Against The Assessment Order Framed In Consequence To Revision Order Passed By Pcit U/S.263 Of The Act & Consequent Order Of The Ao For The Assessment Year 2010-11 U/S.143(3) R.W.S. 263 Of The Act Dated 12.03.2015 Passed By The Dcit, Circle-1, Trichy.

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri Darzakhum Songate, CIT
Section 143(3)Section 263Section 68

trusts in assessment year 2010-11 & 2011-12 for consideration as noted above. The AO treated these lands as the same to short term capital gains. The CIT(A) exactly on identical facts dismissed the claim of assessee. Aggrieved, now assessee is in appeal before the Tribunal for both

Saytidevi Kantilal Bhandari, Mumbai vs. The ITO - Ward- 19(3)(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 1734/MUM/2020[2008-09]Status: DisposedITAT Mumbai22 Dec 2022AY 2008-09

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.1734/Mum/2020 (निर्धारण वर्ा / Assessment Year: 2008-09) Saytidevi Kantilal Bhandari बिधम/ Ito, Ward-19(3)(2) Room No. 224, 2Nd Floor, 162, Tp Street, 6 Vs. Kumbharwada, Mumbai- Matru Mandir, Tardeo 400004. Road, Mumbai-400007. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aghpb9079K (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Sanjiv M. Shah & Rajesh Chamaria Revenue By: Smt. Nayana K. Kumar सुनवाई की तारीख / Date Of Hearing: 01/12/2022 घोषणा की तारीख /Date Of Pronouncement: 22/12/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax-30, Mumbai Dated 16.12.2019 For Assessment Year 2008-09. 2. At The Outset, The Assessee Drew Our Attention To The Grounds Of Appeal Wherein He Has Raised The Legal Issue Regarding Validity Of Reopening Of Assessment By Ao U/S 147 Of The Income Tax Act, 1961 (Hereinafter “The Act”).

For Appellant: Shri Sanjiv M. Shah & RajeshFor Respondent: Smt. Nayana K. Kumar
Section 133ASection 143(1)Section 147Section 148

Addl. DIT (Inv.)/Unit-I/Kamal Rathi/2012-13 dated 8.11.2012 regarding issue of accommodation entries in the nature of bogus long term capital gain and short term capital gain by one Shri Kamal Kishore Rathi. During the course of Survey Action u/s. 133A in the case of Shri Kamal Rathi, it was found ... statement recorded under oath is that he is engaged in the business of providing accommodation entries in the nature of Long term and short term capital gains to various clients, and for this purpose he takes back-dated bills for purchase of shares from various companies of Shri Mukesh M.Choksi