COMMISSIONER OF INCOME TAX Vs. DATTA MAHENDRA SHAH

JUDGEMENT

(1.) THIS appeal under section 260A of the Income -tax Act, 1961 ("the Act"), challenges the order dated February 27, 2013, passed by the Income -tax Appellate Tribunal ("the Tribunal"). The assessment year involved is the assessment year 2008 -09. The Revenue urges the following question of law for our consideration:

(2.) THE respondent -assessee is a senior citizen having income on account of capital gains, business income and income from other sources. The Assessing Officer was of the view that the amount claimed as short -term capital gains of Rs. 9.25 crores was in fact business income and has to be taxed accordingly. This view was, inter alia taken on the basis of the following:

(3.) ON further appeal by the Revenue, the Tribunal, after recording the aforesaid finding of the Commissioner of Income -tax (Appeals), came to the conclusion that the finding of the Commissioner of Income -tax (Appeals) calls for no interference. Besides, the impugned order also records the fact that the co -ordinate Bench of the Tribunal in the case of the respondent -assessee's son one Jai Mahendra Shah had held the gain arising from purchase and sale of the shares is taxable under the head "Short -term capital gains" and not as a "business income". The impugned order further holds that the facts being identical in that case to one under consideration. Thus, in view of the above the impugned order dismisses the Revenue's appeal.