Calcutta High Court
Commissioner Of Income Tax Kol-Ii vs Merlin Holding Pvt.Ltd on 2 March, 2011
Author: Bhaskar Bhattacharya
Bench: Bhaskar Bhattacharya
ITAT No. 59 of 2011
G.A.607 of 2011
IN THE HIGH COURT AT CALCUTTA
Civil Appellate Jurisdiction
Original Side
COMMISSIONER OF INCOME TAX KOL-II Appellant
Versus
MERLIN HOLDING PVT.LTD. Respondent
For Appellant : Mr. Shekhar B. Saraf, Advocate For Respondent :
BEFORE:
The Hon'ble JUSTICE BHATTACHARYA The Hon'ble JUSTICE DR. SAMBUDDHA CHAKRABARTI Date : 2nd March, 2011.
THE COURT : This appeal will be heard on the following substantial question of law :-
1) Whether the learned Tribunal below committed substantial error of law by not analyzing the facts of the instant case to determine whether the income of the assessee was required to be treated as income from business and not short-
term capital gain since the main motive of the assessee was to earn profit by trading on shares 2 rather than to earn dividend by investing the same.
2) Whether the learned Tribunal below committed substantial error of law in not relying upon the decision of the Tribunal in the case of ACIT Circle 7 Kol vs. Jet Age Securities Pvt.Ltd. for the assessment year 2005-2006 which squarely applies to the facts of the present case. Let notice of this appeal be served by the Department on the respondent in usual course.
Let requisite numbers of informal paper book containing all relevant papers used before the authority below be filed within two months from date. In default, the appeal will stand dismissed. Liberty to mention after filing of paper book for inclusion in the hearing list. Photostat certified copy of this order be made available to the parties upon compliance of usual formalities.
( BHATTACHARYA, J.) ( DR. SAMBUDDHA CHAKRABARTI, J.) Rsg.
AR(CR) 3