TMI Blog2012 (7) TMI 157X X X X Extracts X X X X X X X X Extracts X X X X ..... es out of which 3 were held for a period of about 5 to 12 years and about 93% of the short terms gain/loss of shares ranging in excess of 1 month - as the assessee had returned speculation loss in his return ITAT followed the decision as decided in CIT V/s. Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] to hold that there is no bar for an assessee to maintain two separate portfolios, one relat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) Whether on the facts and circumstances of the case and in law the ITAT was justified in upholding the order of CIT(A) Mumbai dated 17/9/2009 bearing No. CIT(A)-35/ACIT/25(2) ITA 4328/08-09 despite the facts the Assessee has shown speculation loss and still accepted the claim of Assessee and directed A.O. to accept the claim of Assessee as short term capital gain and long term capital gain i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espect of the income earned from purchase and sale of shares. This was inter alia on the basis that the respondent had also returned speculation loss of ₹ 13,483/-. Consequently by the above assessment order the total income assessed was ₹ 1.92 crores as against the returned income of ₹ 36,213/-. 3) On appeal, the CIT (Appeals) by an order dated 17/9/2009 allowed the appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only shares of 4 companies and 3 of them were held for a period of about 5 to 12 years. So far as short terms capital gains were concerned the Tribunal held that about 93% of the short terms gain/loss was attributable to shares of six companies and in any case all the shares were held for periods ranging in excess of 1 month. With regard to the fact that the respondent had returned speculation lo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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