TMI Blog2014 (6) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... that the same are capital assets, yielding capital gains, whether long-term or short-term, i.e., depending upon the period of holding - assessee’s disclosure in accounts is not conclusive by itself, and a number of relevant parameters, viz. regularity, frequency, volume, trading and financing pattern, etc., also specified by the Board per its Circular, are required to be looked into to determine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income Tax (Appeals)-8, Mumbai ( CIT(A) for short) dated 05.11.2012, partly allowing the assessee s appeals contesting its assessments u/s.143(3) of the Income Tax Act, 1961 ( the Act hereinafter) for the assessment years (A.Ys.) 2007-08 and 2009-10. 2. The principal issue in these appeals is the nature of the gains inuring to the assessee on the purchase and sale of shares, ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n a consistent view that the assessee is in respect of the shares held and disclosed by him as an investment in his accounts, to be treated as an investor, so that the same are capital assets, yielding capital gains, whether long-term or short-term, i.e., depending upon the period of holding. Further, the Revenue has in fact accepted the assessee s claim with regard to long term capital gain (LTCG ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts is, though relevant, not conclusive by itself, and a number of relevant parameters, viz. regularity, frequency, volume, trading and financing pattern, etc., also specified by the Board per its Circular, are required to be looked into to determine the nature of an asset, which is thus primarily a factual matter. However, we are not inclined to either undertake or direct any exercise along ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue arising in the instant appeals is per Gd. No. 2 for A.Y. 2007- 08, i.e., qua disallowance u/s. 14A. The same was specifically not pressed by the ld. AR during hearing. The same is accordingly dismissed as not pressed. We decide accordingly. 6. In the result, the assessee s appeal for A. Y. 2007-08 is partly allowed, and that for A.Y. 2009-10 allowed. Order pronounced in the open court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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