TMI Blog2010 (4) TMI 271X X X X Extracts X X X X X X X X Extracts X X X X ..... in para 11 has held that the assessee-respondent invested in shares with the intention of holding the same as investment and the surplus arising on the sale of such investment has been rightly declared by the assessee-respondent assessable under the head ‘capital gains’. The view taken by the CIT (A) has been upheld. It has further been found that the income from the redemption of mutual funds de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1961 (for brevity, 'the Act') is directed against the order dated 27.4.2009, passed by the Income Tax Appellate Tribunal, Chandigarh Bench (B), Chandigarh (for brevity, 'the Tribunal'), in ITA No. 650/Chandi/2008, in respect of the assessment year 2005-06. 2. The short issue raised before us is whether the profit emerging from the investment in shares are to be regarded as business income or a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n rightly declared by the assessee-respondent assessable under the head 'capital gains'. The view taken by the CIT (A) has been upheld. It has further been found that the income from the redemption of mutual funds declared by the assessee-respondent clubbing the income of his minor daughters could not be treated as an income earned as a dealer or a trade. It has been held that the same has been ri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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