TMI Blog2013 (11) TMI 1440X X X X Extracts X X X X X X X X Extracts X X X X ..... iness as assessed by the Assessing Officer - No dispute that shares had been held by the assessee for long time and were shown in the balance sheet separately as investments - Income is capital gains – Decided against Revenue. - Income Tax Appeal No. - 201 of 2010 - - - Dated:- 14-12-2012 - Hon'ble R.K. Agrawal And Hon'ble Ram Surat Ram (Maurya),JJ. For the Petitioner : Shambhu Chopra (Sc) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emonstrated that the shares in question were actually held as investment ignoring the fact that the case was squarely covered by the ratio as laid down by the Apex Court in the cases of G. Vankastesh Wamy Naidu Co. Vs. CIT-35 ITR-594 (S.C.) and Express New Paper Ltd. Vs. CIT 53 ITR-250 (S.C.) 2. Whether on facts and in circumstances of the case, the ITAT was justified in confirming the order o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -. The Assessing Officer did not accept the plea and held that income from sale of shares are to be treated as business income. Feeling aggrieved, the assessee prefered an appeal before the Commissioner of Income Tax (Appeals), Kanpur, who vide order dated 1.4.2009 accepted the plea of the assessee by following the decision of the Income Tax Appellate Tribunal, Lucknow Bench, in the case of Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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