TMI Blog2008 (4) TMI 527X X X X Extracts X X X X X X X X Extracts X X X X ..... represented on behalf of the assessee. 2. The facts that have led to these appeals are that the assessee is an individual who is a share-broker and has been doing the business of purchase and sale of shares on behalf of his clients for which brokerage income was received. In addition to this, the assessee has also done trading of shares and the dividend, which has been received in respect of the shares, has also been declared as business income. The assessee has two concerns in the name and style of M/s. Shakti Co. and M/s. Jalan Financial and Investment Consultancy Services. The assessee had in regard to the shares held by him in his individual capacity and as capital assets sold the same and had derived long-term capital gains which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment year 1992-93. He drew our attention to page 98 of the paperbook filed for the appeal in relation to the assessment year 1994-95, wherein the ld. Assessing Officer has accepted the fact that the books of account of the assessee had been destroyed as per the F.I.R. which had been filed before the Assess- ing Officer that the books of account were lying in the Stock Exchange building in the chamber of Jalan Finance Investments and Consultancy Services and the same were burned in the fire. Further he has also drawn our attention to the assessment order in which the Assessing Officer has accepted the fact that the assessee was holding shares as capital asset and the income from the sale of such shares were treated as long-term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the books of account for the period 1-4-1994 to 18-7-1994 could not be produced as that has been destroyed by the fire but the tax audit report and the audited copies of the trading account, profit and loss account and balance sheet of the relevant year was available for verification. It was his further submission that the books of account for the period 19-7-1994 that is immediately after the fire to 31-3-1995 had been produced for examination. It was his further submission that the Assessing Officer had accepted the business income as declared by the assessee and the only dispute was in regard to profit generated on the sale of shares in respect of the personal investment which had been disputed for being treated as business income as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see in his return of income, has been accepted without any change. The only issue in dispute is as to whether the income from sale of the shares, which had been held as investment by the assessee, was liable to be treated as long-term capital gains or business income. It is also noticed that in regard to the assessment years 1992-93 and 1997-98 the Assessing Officer himself has accepted the fact that the assessee was holding the shares as per the list in relation to the investment shown in the balance sheet as personal investment and the gains on their sale has been assessed as long-term capital gains. It is also an accepted fact that the assessee has maintained separate books of account in relation to his business income and also in relati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al gains. The facts involved in the assessee s cases are identical to the facts as found in the case of Arjun Kapur ( supra ) and consequently the decision of this Tribunal in the case of Arjun Kapur referred to supra is squarely applicable in the appellants case. In the said decision the dividend generated from shares in respect of the personal investment was also taxed as income from dividends and the Tribunal had directed that the profits arising on the sale of shares were liable to be assessed as long-term capital gains and not from income from business. Since the assessee in the present case has maintained separate books of account in respect of his business of shares as well as in respect of his personal investment and this pos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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