ACIT, CENTRAL CIRCLE, PANAJI vs. M/S SOCIADADE DE FOMENTO INDUSTRIAL P. LTD, MARGAO
In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed
ITA 116/PAN/2018[2010-11]Status: DisposedITAT Panaji12 Sept 2022AY 2010-11
Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal
For Appellant: Sh. Nishant Thakkar, AdvocateFor Respondent: Sh. Ranjan Kumar, CIT-DR
Section 143(1)Section 143(2)Section 14A
V) Transaction in exchange traded derivatives - life of short duration and they do not yield any income like dividend -
Income can be derived only on their purchases and sales and so they are held only as stock-in-trade - Hence the income from such transactions is business income and not capital gains, This was so held in the case
