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2008 (9) TMI 502 - HC - Income TaxBusiness Income or Capital gain- The assessee is a company, filed its return of income on December 31, 1999 admitting a total income of loss of Rs. 1,79,45,982. The assessee transferred shares during the relevant year consisting both of fixed investments and current investments. The current investments were held as stock-in-trade and so the profit on sale was calculated without indexation while the long-term capital gains on the fixed investment was calculated after indexing the cost of the shares by the Assessing Officer. Commissioner (Appeals) held that the current investments were also to be treated as investment and not as stok in trade, and the loss on the sale of the same shall be assessed as capital loss. The Tribunal passed the order in favour of assessee. Held that- the non-consideration of a ground by itself could not be a reason for filing an appeal. the revenue could have approached the Tribunal pointing out the mistake is not considering the specific ground raised by the revenue and obtained an order by way of rectification.
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