Calcutta High Court
Commissioner Of Income-Tax vs Reliance Trading Enterprises Ltd on 26 November, 2009
Author: Sengupta
Bench: Sengupta
IN THE HIGH COURT AT CALCUTTA Special Jurisdiction (Income-tax) Original Side Present :
The Hon'ble Justice Sengupta And The Hon'ble Justice I.P.Mukerji 26.11.2009 ITA 128 of 2009 Commissioner of Income-tax, Central II Vs. Reliance Trading Enterprises Ltd.
The Court :- We have gone through the impugned judgment and order of the learned Tribunal and we have heard Mr. Mitra.
After considering all the aspects of the matter we are of the view that this appeal needs to be heard. As such it is admitted on the following substantial question of law :-
"1. Whether on the facts and circumstances of the case the learned Tribunal erred in law in upholding the order of the learned Commissioner of Income-tax (Appeals) allowing assessee's claim of profit in share transaction of Rs. 74,89,622/- as capital gains instead of treating the same as business profit as made by the Assessing Officer in view of the commercial nature of the said share transactions ?"
Mr. Khaitan who is present in Court informs that his Advocate on Record Mr. Chandra Sekhar Das has instructions to receive the notice of appeal. He submits upon instructions that notice of appeal need not be served. Therefore, requisite number of paper books shall be prepared 2 and filed on or before the Christmas vacation and prayer for stay is not pressed. However, we make it clear that assessment made will abide by the result of the appeal.
All parties shall act on a xerox signed copy of this order on usual undertakings.
(Sengupta, J.) (I.P. Mukerji, J.) ANC.