Commissioner Of Income Tax-1 v. M/S. Yatish Trading Co. Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1132 OF 2012 Commissioner of Income Tax-1. v.M/s. Yatish Trading Co. Pvt. Ltd. ..Appellant. ..Respondent. Mr. Suresh Kumar for the Appellant. Mr. Nishant Thakkar i/by Mint & Confreres for the Respondent. CORAM : J.P. DEVADHAR AND M .S. SANKLECHA, JJ. DATE : 1st March, 2013 PC: In this appeal by the revenue for assessment year 2007- 08 following question of law has been raised for our consideration Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in treating the difference between the purchase price of shares and the market value of shares, as on date of conversion of shares from stock in trade to investments as “business Income” and difference between sale price of share and market value of shares, as on date of conversion as “Capital Gains”? 2)Counsel for the parties state that an identical question was raised by the revenue in respect of the same respondent assessee in Income Tax Appeal No.1007 of 2011. This Court by order dated 28/1/2013 did not entertain the appeal filed by the revenue. For the reasons stated in our order dated 28/1/20913 in Income Tax Appeal No.1007 of 20211 we see no reason to entertain the proposed question of law. 3)Accordingly, the appeal is dismissed with no order as to costs. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)