The Commissioner Of Income Tax – I, Pune v. Better Value Holding Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.2028 OF 2012 The Commissioner of Income Tax – I, Pune..Appellant. Versus Better Value Holding Private Limited ..Respondent. Mr.Vimal Gupta, Senior Advocate with Ms.Padma Divakar for the appellant.Mr.Mihir Naniwadekar for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 13[th] March 2013 P.C. : Office objections waived. 2.In this appeal by the Revenue for assessment year 2007-08, although several questions have been raised in the memo of appeal, the basic dispute is whether the Tribunal was justified in treating the income earned from sale and purchase of shares as capital gains and not income from business as contended by the Revenue. 3.The Tribunal in the impugned order has followed the decision of this Court in an appeal filed by the Revenue in the respondent – assessee's own case being Income Tax Appeal (L) No.703 of 2011. In the aforesaid appeal, this Court by its order dated 8[th] August 2011 refused to entertain the appeal by the Revenue. The Revenue has not been able to point out any distinguishing features in this assessment year from the facts relevant to the order dated 8[th] August 2011 passed by this Court. 4.In these circumstances, we see no reason to entertain the appeal. Accordingly, the appeal is dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)