SOCIEADADE DE FOMENTO INDL. PVT. LTD.,MARGAO vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO RANGE, MARGAO
In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed
ITA 105/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
