Pr. Commissioner Of Income-Tax-4 v. Suresh K Jajoo

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.321 OF 2017 WITH INCOME TAX APPEAL NO.337 OF 2017 WITH INCOME TAX APPEAL NO.360 OF 2017 WITH INCOME TAX APPEAL NO.361 OF 2017 Principal Commissioner of Income-Tax-4 .... Appellant versus Suresh K. Jajoo ... Respondent .......

• Mr.Suresh Kumar, Advocate for Appellant.

• Mr.Madhur Agrawal i/b. Mint & Confreres, Advocate for Respondent.

CORAM : AKIL KURESHI & SARANG V. KOTWAL, JJ.

DATE : 09th APRIL, 2019.

P.C. :

1.

These Appeals are filed by the revenue arise out of common background. We may record facts from Income Tax Appeal No.321/17.

Nesarikar

2 / 3 2.

The revenue has presented following question for our consideration;

"Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT erred in deleting the disallowance made by the A.O. of STCG amounting to Rs.6,87,44,080/- as Business Income?"

3.

Under somewhat similar circumstances in case of the wife of the Respondent-Assessee in Income Tax Appeal No.338/17, we had dismissed the revenue's Appeal in following terms;

"2.

The Respondent Assessee is an individual. The issue raises out of her return of income for the year 2006-07. She had offered the gain of Rs.5.60 Crores (rounded of) upon sale of shares as short term capital gain. The Assessing Officer however held that the same would give rise to her business income. CIT (Appeal) and tribunal held in favour of the assessee mainly on the ground that in the earlier assessment years the assessee had

3 / 3 consistently shown the receipts of sale of share as capital gain which the revenue had also accepted. 3.

We do not find any error in view of tribunal. The tribunal had noted that in the earlier years the assessee had suffered loss. Therefore in the current year if the income was to be treated as business income, capital loss of the earlier year would not be assessable against such income. It appears that the Assessing Officer desired to tax income as business income in the current year, in view of the change in tax rates, between short term capital gain and business income, which in the earlier years was same.

4.

In such circumstances, no question of law arises, the Appeal is dismissed."

4.

Without recording separate reasons, therefore, these Appeals are dismissed.

(SARANG V. KOTWAL, J.) (AKIL KURESHI, J.)