Itxa/1093/2011 Of The Commissionerof Income Tax -4 Mumbai v. J.m. Shares And Stock Brokers Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1093 OF 2011 The Commissioner of Income Tax-4, Mumbai..Appellant.V/s.M/s. J. M. Shares & Stock Brokers Ltd. ..Respondent. Mr. Vimal Gupta, Sr.Advocate with Padma Divakar, for the Appellant.Dr. K. Shivram with Mr. A. R.Singh, Mr. Kirit Hakani and Mr. Parag, for the Respondent. P.C:- CORAM: J.P.DEVADHAR & M.S.SANKLECHA,JJ.DATE : 11[th] JANUARY, 2013. In this Appeal, the Revenue has raised the following substantial questions of law for consideration by this Court. “(a)Whether on the facts and in the circumstances of the case and in law the Hon. Tribunal was justified in holding that the loss arising from the sale of shares from the investment portfolio is capital loss ? (b)Whether on the facts and in the circumstances of the case and in law the Hon. Tribunal was justified in directing allowance of loss claimed by the Assessee as capital loss by holding that the Assessee was not a trader in shares but in fact an investor ?” 2Advocates for the Appellant and Respondent state that the questions raised in this Appeal are covered by the decision rendered today in the Respondent's own case in Income Tax Appeal No.394 of 2011. For the reasons stated therein, we see no reason to entertain this Appeal also.3Accordingly, Appeal is dismissed with no order as to costs. (M.S.SANKLECHA,J.) (J.P.DEVADHAR,J.)