Pr. Commissioner Of Income Tax, Central-2 v. M/S Passionate Investments Management Pvt. Ltd

Ladda IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL No. 977 of 2016 Pr. Commissioner of Income Tax, Central-2..Appellant.VsM/s Passionate InvestmentsManagement Pvt. Ltd...Respondent. ..Respondent. Ms. Padma Divakar, Advocate for the Appellant.Mr. Atul Jasani, Advocate for the Respondent. CORAM : AKIL KURESHI & B. P. COLABAWALLA, JJ. DATED :- 8TH JANUARY, 2019. P.C.: 1The Revenue is in appeal against the judgment of theIncome Tax Appellate Tribunal (“the Tribunal”for short)Following question of law is presented for our consideration:- Whether on the facts and in circumstances of thecase and in law, the order of the Tribunal was justified inupholding the decision of the learned CIT (A) that theprofit from sale of investment has to be under the head'Capital Gains' instead of 'business income' withoutappreciating that the Assessee is a Trader and not anInvestor as can be ascertained by the AO in itsAssessment order?” 2The learned Counsel for the appellant pointed outthat the identical issue came before this Court in the IncomeTax Appeal No. 2345 of 2013 and connected appeal. The appealwas dismissed by a detailed order dated 27[th] June, 2016.Without recording separate reasons this appeal is alsodismissed. (B.P. COLABAWALLA, J.) (AKIL KURESHI, J)