{"id":167301,"date":"2011-04-19T00:00:00","date_gmt":"2011-04-18T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/dcit-vs-unknown-on-19-april-2011"},"modified":"2017-06-02T03:43:35","modified_gmt":"2017-06-01T22:13:35","slug":"dcit-vs-unknown-on-19-april-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/dcit-vs-unknown-on-19-april-2011","title":{"rendered":"Dcit vs Unknown on 19 April, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Dcit vs Unknown on 19 April, 2011<\/div>\n<div class=\"doc_author\">Author: Akil Kureshi,&amp;Nbsp;Ms Gokani,&amp;Nbsp;<\/div>\n<pre>   Gujarat High Court Case Information System \n\n  \n  \n    \n\n \n \n    \t      \n         \n\t    \n\t\t   Print\n\t\t\t\t          \n\n  \n\n\n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nTAXAP\/2329\/2009\t 2\/ 2\tORDER \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nTAX\nAPPEAL No. 2329 of 2009\n \n\n=========================================================\n\n\n \n\nDCIT\nCIRCLE-5 BARODA - Appellant(s)\n \n\nVersus\n \n\nBELABEN\nD SHAH - Opponent(s)\n \n\n=========================================================\n \nAppearance : \nMR\nKM PARIKH for\nAppellant(s) : 1, \nNone for Opponent(s) :\n1, \n=========================================================\n\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\nCORAM\n\t\t\t: \n\t\t\t\n\t\t\n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMR.JUSTICE AKIL KURESHI\n\t\t\n\t\n\t \n\t\t \n\t\t \n\t\t\t \n\nand\n\t\t\n\t\n\t \n\t\t \n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMS JUSTICE SONIA GOKANI\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 11\/04\/2011  \nORAL ORDER<\/pre>\n<p>(Per<br \/>\n: HONOURABLE MR.JUSTICE AKIL KURESHI)<\/p>\n<p>1.\tRevenue is in<br \/>\nappeal against the judgment of the Tribunal dated 5.9.2008 raising<br \/>\nthe following substantial question for our consideration:-\n<\/p>\n<p>&#8220;Whether,<br \/>\non the facts and in the circumstances of the case, the Appellate<br \/>\nTribunal was right in law in upholding the decision of CIT(A) to<br \/>\nallow set-off of loss from share transactions against other income<br \/>\nwithout considering the fact that such investments were made<br \/>\nprimarily to earn dividend income which is exempt from tax?&#8221;\n<\/p>\n<p>2.\tUpon perusal<br \/>\nof the order and record with the assistance of the learned counsel<br \/>\nfor the revenue, we find that the issue is squarely covered by the<br \/>\ndecision of the Apex Court in the case reported in 326 ITR 1.\n<\/p>\n<p>3.\tThe assessee<br \/>\nhad during the assessment year in question purchased and thereafter<br \/>\nsold shares in a short span of time. The assessee claimed loss on<br \/>\naccount of difference in purchase and sale price of such shares. On<br \/>\nthe other hand, the assessee earned the dividend income which was tax<br \/>\nexempted. This device was objected by the revenue. Issue ultimately<br \/>\nreached the Tribunal. Tribunal in its short impugned order relying on<br \/>\nthe previous decisions upheld the assessee&#8217;s stand.\n<\/p>\n<p>4.\tWe need not<br \/>\ngive detail reasons for upholding the Tribunal&#8217;s order in view of the<br \/>\ndecision of the Apex Court reported in 326 ITR 1 (supra) particularly<br \/>\nwhen we find that section 94(7) of the Income Tax Act, 1961 was<br \/>\nintroduced in the year 2002-03 and was, therefore, not applicable in<br \/>\nthe present case.\n<\/p>\n<p>5.\tThe Tax Appeal<br \/>\nis, therefore, dismissed.\n<\/p>\n<p>\t\t\t\t\t\t\t\t[Akil<br \/>\nKureshi, J.]<\/p>\n<p>\t\t\t\t\t\t\t\t[Ms.\n<\/p>\n<p>Sonia Gokani, J.]<\/p>\n<p>mrp<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Dcit vs Unknown on 19 April, 2011 Author: Akil Kureshi,&amp;Nbsp;Ms Gokani,&amp;Nbsp; Gujarat High Court Case Information System Print TAXAP\/2329\/2009 2\/ 2 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL No. 2329 of 2009 ========================================================= DCIT CIRCLE-5 BARODA &#8211; Appellant(s) Versus BELABEN D SHAH &#8211; Opponent(s) ========================================================= Appearance : MR [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,8],"tags":[],"class_list":["post-167301","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dcit vs Unknown on 19 April, 2011 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/dcit-vs-unknown-on-19-april-2011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dcit vs Unknown on 19 April, 2011 - Free Judgements of Supreme Court &amp; 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