9911796707
TMI Blog2012 (2) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... and cross objection by the assessee are directed against the order dated 09.07.2009 of CIT(A) for the Assessment Year 2006-07. The only dispute raised in these appeals is regarding the nature of income earned by the assessee from sale and purchase of shares. 2. The facts in brief are that the AO during the assessment proceedings noted that the assessee had declared Long Term Capital Gain of `.71, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was pointed out, that the paid up capital of the assessee was `.8,66,750/- and there were free reserves of `.2.84 crores which had been invested in shares. The assessee had also taken a small loan from the directors as interest free. It was also submitted that the holding period in respect of long term capital gain in many cases was upto 10 years. Some of the shares had been sold within a year to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty. CIT(A) accordingly, directed the AO to assess the income declared by the assessee as Capital Gain, aggrieved by which the Revenue is in appeal before the Tribunal. 3. Before us, the Ld. AR for the assessee reiterated the submissions as made before the lower authorities below that the assessee had been an investor since 1954 and the capital gain declared by the assessee had been accepted earli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esent case, the assessee had been holding shares for more than one year and upto 10 years in many cases. It has been submitted that shares had been sold on short holding in some cases in order to reshuffle portfolio for better investment. The investments have been made mostly from owned funds. On similar facts, the income from sale and purchases of shares declared by the assessee as capital gain h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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