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TMI Blog2013 (2) TMI 581X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as „the said Act‟) has been preferred by the revenue being aggrieved by the order dated 25.06.2012 passed by the Income Tax Appellate Tribunal in ITA No.3417/Del/2009 pertaining to the assessment year 2002-03. The present proceedings arose out of the penalty order passed by the assessing officer under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r on account of the change in treatment from long term capital gains to short term gains. The revenue went up in appeal before the Tribunal and the Tribunal allowed the appeals and upheld the view taken by the assessing officer. In other words the Tribunal settled the issue with regard to the manner in which the gains from the sale of stock options were to be considered. The Tribunal reversed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cealed any fact or has submitted any wrong or incorrect fact. It is only the question of opinion whether the income from sale of stock option is assessable as short term capital gain or as long term capital gain. In view of the above, respectfully following the above decision of Hon‟ble Apex Court in the case of Reliance Petro Product Pvt. Ltd., we uphold the order of learned CIT(A)." ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition, we cannot bring the case of the respondent/ assessee within the provisions of section 271(1)(c) of the said Act. The reliance placed by the Tribunal on CIT vs. Reliance Petroproducts Pvt. Ltd.: 322 ITR 158 (SC) is also apposite. 4. For the foregoing reasons we do not find any substantial question of law in this appeal. Consequently, the appeal is dismissed. There shall be no order as to co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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