(Ranjan Gogoi and Prafulla C. Pant, JJ.)
M/s. G.S. Homes & Hotels P. Ltd. _____________________ Appellant
v.
Dy. Commissioner of Income Tax ___________________ Respondent
Civil Appeal No(s).7379-7380 of 2016 [Arising out of SLP (C) Nos. 7857-7858 of 2012], decided on August 9, 2016
The Order of the court was delivered by
Order
1. Leave granted.
2. After hearing the leaned counsels for the parties and perusing the relevant material, we modify the order of the High Court by holding that the amount (Rs. 45,84,000/-) on account of share capital received from the various share-holders ought not to have been treated as business income. The High Court, therefore, in our considered view, fell into error in reversing the order of the Tribunal on the aforesaid issue. Insofar as the issue of short term capital gains with respect to property T1 and T2 and maintenance deposit is concerned, we do not find any infirmity in the order of the High Court so as to require any modification.
3. The appeals are disposed of as partly allowed as indicated above.
Petition(s) for Special Leave to Appeal (C) No(s). 7857-7858/2012
M/s. G.S. Homes & Hotels P. Ltd. ___________________ Petitioner
v.
Dy. Commissioner Of Income Tax __________________ Respondent
Date : 09/08/2016 These petitions were called on for hearing today.
(Before Ranjan Gogoi and Prafulla C. Pant, JJ.)
For Petitioner(s) Mr. Preetesh Kapur, Adv.
Ms. Radha Rangaswamy, Adv.
For Respondent(s) Mr. Ranjit Kumar, Solicitor General
Ms. Anita Sahani, Adv.
Mr. S. Wasim A. Qadri, Adv.
Ms. Anita Sahni, Adv.
For Mrs. Anil Katiyar, Adv.
UPON hearing the counsel the Court made the following
Order
4. Leave granted.
5. The appeals are disposed of in terms of the signed order.
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