TMI Blog2014 (1) TMI 758X X X X Extracts X X X X X X X X Extracts X X X X ..... 2008-09. 2. Grounds raised by the Revenue are as under : "1. The order of the learned Commissioner of Income-tax (Appeals) is contrary to law and to the facts and circumstances of the case. 2. The learned Commissioner of Income-tax (Appeals) grossly erred in allowing the assessee's appeal instead of confirming the Assessing Officer's order. 3. The learned Commissioner of Income-tax (Appeals) grossly erred in not appreciating that the gains earned from trading in shares and units of the mutual funds had been rightly assessed under the head 'Profits and Gains of Business or Profession'. 4. The learned Commissioner of Income-tax (Appeals) grossly erred in not appreciating that the assessee had carried out the impugned transactions in h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the course of assessment proceedings the Assessing Officer noted that the assessee has earned in the form of capital gains as follows : i. Short term capital gains Rs. 1,38,81,063/- ii. Long term capital gains Rs. 24,76,28,578/- iii. Exempt capital gains Rs. 19,50,86,380/- 3.1 He noted that the shares available with the assessee have been shown as investments. He further observed that the assessee has been dealing in various numbers of scrips and the frequency of activity of purchasing and selling the shares is regular and recurring. He noted that the assessee has not effected the shares purchased and sale transaction through any portfolio manager, discretionary or non-discretionary. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal High Court and the Tribunal. 6. After hearing both the sides, we find no infirmity in the order of the Ld.CIT(A) who while allowing the claim of short term and long term capital gain has followed the order of the Tribunal for A.Y. 2004-05 and 2005-06. We further find that when the matter travelled upto the High Court, the Hon'ble High Court vide order dated 08-08-2011 in ITA No.703/2011 dismissed the appeal filed by the Revenue by holding as under : "1. In this appeal, the question of law raised by the Revenue is, whether the Income Tax Appellate Tribunal was justified in holding that the income earned from sale and purchase of shares were liable to be assessed under the head "income from capital gains" and not under the head "inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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