TMI Blog2013 (1) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... ents and separate bank accounts for them. The books of the account of the assessee has been accepted by the AO as this issue was also involved in the AY 2004-05 and 2005-06 and have been decided in favour of the assessee by CIT (A) as well as by ITAT and there was no reason for the AO in not accepting the previous orders. On these findings AO directed to treat the amount as long term capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal, Lucknow Bench 'A', Lucknow (hereinafter referred to as the Tribunal) dated 24.08.2012, passed in Income Tax Appeal No. 682/Lkw/2011 by which the appeal filed by the Revenue has been dismissed and the order of Commissioner Income -tax (Appeals)-I, Kanpur, allowing the appeal of the assessee, has been upheld. The appellant has proposed the following substantial question of law, said to be invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. and Trans. Gene, Biotec amounting to Rs. 6,85,49,778/-. The assessee is dealing in shares as broker, trader and investor and was registered with U.P. Stock Exchange Association Ltd., Kanpur. He maintained Head Office, Registered Office and Trading Office at Kanpur and Camp Office at 70/74, Near Gorai Bridge, Near Bus Stop, Borivali (W), Bombay and claimed depreciation of the expenses in mainten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se and sale of the shares. He had made 'investment portfolio' as a colourable device to avoid payment of tax although motive of the assessee to earn the profit. Accordingly price of the shares of Rs. 6,85,49,778/- was added in the income of the assessee. The assessee preferred an appeal from the aforesaid order, before the Commissioner of Income Tax (Appeals)-I, Kanpur, who by his order dated 01.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Revenue and upheld the order of the CIT(A). The counsel for the parties brought to the notice of the Court that in the matter of the assessee for the Assessment Year 2004-05, the Revenue filed Income Tax Appeal No. 296 of 2010 which has been dismissed on 02.01.2013 and in the matter of the Assessment Year 2005-06, the Revenue filed Income Tax Appeal No. 201 of 2010 which has been dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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