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2018 (3) TMI 378 - AT - Income TaxGains from sale of shares and derivatives as business income - non bifurcation into business income and capital gains - Held that:- Evidences and documents that were filed by the assessee before the ld CITA so as to seek an opportunity for the AO and alleging violation of provisions of Rule 46A of the Rules. CIT-A had actually recomputed the entire gains as business income without any bifurcation of gains into business or capital gains, by actually enhancing the income of the assessee , from the very same materials that were available on record. There was no additional evidence filed by the assessee. It is only better appreciation of the facts already available on record which warranted recomputation of income by the ld CIT-A. The revenue cannot be aggrieved on the same. Hence the Ground No. 2 raised by the revenue is rejected outrightly. We find that the revenue had pleaded in Ground No.1 that the opening stock of shares as on 1.4.2011 should be taken at ₹ 4,16,12,081/-, for which no workings were provided by the ld DR before us. We find that this figure does not emanate either from the assessment order or from the appellate order. No workings for the same in any manner whatsoever were furnished by the ld DR before us to address the grievance of the revenue in this regard. On the contrary, we find that the ld CITA had adopted the figure of opening stock of shares as on 1.4.2011 at ₹ 5,91,73,606/- which was the same figure used by the ld AO also for computing the business income in his assessment order. Hence we hold that there cannot be any grievance for the revenue in this regard. Accordingly, the Ground No. 1 raised by the revenue is dismissed.
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