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2013 (8) TMI 83 - HC - Income TaxBusiness income or short term capital gain - Receipt from sale and purchase of shares and securities - Tribunal held that income as business income - Held that:- If the Tribunal decides that the findings of the Commissioner of Income Tax (Appeals) was without any material, nothing prevented the Tribunal from going into those facts and the findings to arrive at a finding based on the records - When the specific case of the assessee was that the income arising from the sale of shares could not be treated as income from business, in fairness to the claim of the assessee, the Tribunal ought to have considered the same in detail to arrive at a factual finding - recording of reasons is meant to serve the wider principles of justice and the quasi-judicial authority must record reasons in support of his conclusions and the decision of the Apex Court pointing out that insistence on reason is a requirement for both judicial accountability and transparency, it goes without saying that the order passed by the Tribunal on the mistaken impression that the assessee had not raised any dispute on the facts found by the Assessing Officer, calls for interference by this Court - Following decision of M/s.Kranti Associates Pvt. Ltd. and another V. Sh.Masood Ahmed Khan and others [2010 (9) TMI 886 - SUPREME COURT OF INDIA] - Decided in favour of assessee.
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