TMI Blog2010 (12) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee generated certain income in the relevant assessment year. As per the assessee, this income was long term capital gain and not exigible to tax as business income. The Assessing Officer, however, held otherwise and included the income as business income. The CIT(A) reversed the aforesaid order of the AO taking the view that the income was long term capital gain. It was, inter alia, no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecurities in the assessee s case was not allied to its usual trade or business, which is earning of interest on ICD and dividend on investments made in shares. We also found that assessee continued to hold shares of Bata India Limited, Colgate Palmolive Ltd., Fressia India Ltd., Ahluwalia contractor India Ltd. and Hind Inds. Ltd. for the year under consideration as against similar holding in the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and subsequent years were booked under investment, which is clear as per clause (4) of Schedule 13 to the audited accounts for the year ended on 31.3.2005. In the instant case, the shares of Ballarpur Inds. Ltd. were purchased in March, 2003; those were held as assessee s investment as on 31.3.2003 and 31.3.2004 and were only sold during AY 2005-06. The assessee received dividend of ₹ 6.39 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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