Commissioner Of Income Tax-24, Mumbai… v. Subhash Chand Mantri (Huf

bsb IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 394 OF 2012 Commissioner of Income Tax-24, Mumbai… Appellant v/s Subhash Chand Mantri (HUF) … Respondent Mr.Tejveer Singh for the appellant.Mr.Sanjiv M. Shah for the respondent. CORAM: S.C. DHARMADHIKARI & G.S. KULKARNI, JJ. DATED : 19TH MARCH, 2014 P. C. : 1Heard learned advocates appearing for the parties. Perused the order passed by the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal. Both authorities have concurrently held that the profit on sale of shares which were received as bonus shares can be taxed only under the head “capital gain”. The assessee was not found to be holding these shares for the purposes of his business. The assessee in this case was investing in the shares. Some of the shares invested were of a company and which later on issued bonus shares. Those bonus shares have been sold. That income is directed to be taxed under the head “capital gains”. The findings are, therefore, essentially factual. They do not give rise to any substantial question of lawenabling us to entertain this appeal. The appeal is, therefore dismissed. (G.S. KULKARNI, J.) (S.C.DHARMADHIKARI, J.)