INCOME TAX ACT, 1961

Section 261 Section 28(i) Section 14

Appeal (Supreme Court) - Special leave petition - Head of income - Business income or Capital gains

Department preferred SLP to appeal against the judgment of Bombay High court in Pr. CIT v. Hardik Bharat Patel (2018) 410 ITR 202 (Bom.) : 2018 TaxPub(DT) 8139 (Bom-HC), whereby the High Court held that assessee brought on record Circular dated 29-2-2016 which clarified that in case of long-term holdings of shares and securities, i.e., in excess of 12 months, assessee had an option to treat income from sale of listed shares and securities as income arising under head 'long-term' holdings of shares and securities, i.e., in excess of 12 months, assessee had an option to treat income from sale of listed shares and securities as income arising under head long-term capital gains and same would be accepted by AO, that said circular made no distinction whether investments made in shares were out of borrowed funds or out of assessee's own funds, thus, distinction sought to be made by revenue could not override Circular dated 29-2-2016 which was binding upon it. Held: The Supreme Court dismissed the SLP as withdrawn.

REFERRED :

FAVOUR : SLP dismissed as withdrawn.

A.Y. :

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