M/s Kemfin Services Pvt. Ltd.,, Bangalore v. ACIT, Bangalore

ITA 1040/BANG/2010 | 2006-2007
Pronouncement Date: 30-03-2011 | Result: Dismissed

Appeal Details

RSA Number 104021114 RSA 2010
Bench Bangalore
Appeal Number ITA 1040/BANG/2010
Duration Of Justice 6 month(s) 29 day(s)
Appellant M/s Kemfin Services Pvt. Ltd.,, Bangalore
Respondent ACIT, Bangalore
Appeal Type Income Tax Appeal
Pronouncement Date 30-03-2011
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted A
Tribunal Order Date 30-03-2011
Date Of Final Hearing 30-03-2011
Next Hearing Date 30-03-2011
Assessment Year 2006-2007
Appeal Filed On 01-09-2010
Judgment Text
ITA.1040/BANG/2010 P AGE - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH 'A' BANGALORE BEFORE DR. O. K. NARAYANAN VICE PRESIDENT AND SMT. P. MADHAVI DEVI JUDICIAL MEMBER I.T.A NO.1040/BANG/2010 (ASSESSMENT YEAR : 2006-07) M/S. KEMFIN SERVICES P. LTD. KEMWELL HOUSE 11 TUMKUR ROAD .. APPELLANT BANGALORE 560 022 V. ASSISTANT COMMISSIONER OF INCOME-TAX CIRCLE -11(5) BANGALORE .. RESPONDENT APPELLANT BY : SHRI. TATA KRISHNA CA RESPONDENT BY : SMT. AMRITA RANJAN ADDL.CIT O R D E R PER DR. O. K. NARAYANAN VICE PRESIDENT : THIS APPEAL IS FILED BY THE ASSESSEE. RELEVANT AS SESSMENT YEAR IS 2006-07. THE APPEAL IS DIRECTED AGAINST THE ORD ER OF THE COMMISSIONER OF INCOME-TAX(A)-I AT BANGALORE DATED .09.06.2010. THE APPEAL ARISES OUT OF THE ASSESSMENT COMPLETED U /S.143(3) OF THE INCOME-TAX ACT 1961. 02. THE ONLY ISSUE RAISED IN THE PRESENT APPEAL IS THAT WHETHER THE INCOME GENERATED IN THE HANDS OF THE ASSESSEE ON CO NVERSION OF SHARES FROM STOCK-IN-TRADE TO INVESTMENT HAS TO BE TREATED AS BUSINESS INCOME ITA.1040/BANG/2010 P AGE - 2 OR SHORT-TERM CAPITAL GAINS. THE VERY SAME ISSUE W AS CONSIDERED BY THE ITAT BANGALORE 'B' BENCH IN ASSESSEE'S OWN CA SE FOR THE ASSESSMENT YEAR 2005-06 IN ITA.380/BANG/2010 THROU GH THEIR ORDER DATED.07.10.2010. HAVING CONSIDERED IN A VERY DETA ILED MANNER THE TRIBUNAL HAS HELD THAT THE REVENUE AUTHORITIES HAVE RIGHTLY HELD THE SURPLUS AS BUSINESS INCOME IN THE HANDS OF THE ASSE SSEE. FOLLOWING THE ABOVE STATED ORDER WE FIND THAT THIS APPEAL FILED BY THE ASSESSEE FOR THE IMPUGNED ASSESSMENT YEAR IS LIABLE TO BE DISMIS SED. 03. IN RESULT APPEAL FILED BY THE ASSESSEE IS DISM ISSED. ORDER PRONOUNCED IN OPEN COURT AT THE TIME OF HEARI NG ON THIS DAY THE 30TH OF MARCH 2011 AT BANGALORE. SD/- SD/- (P. MADHAVI DEVI) (DR. O. K. NARAYANAN) JUDICIAL MEMBER VICE PRESIDENT