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TMI Blog2014 (2) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 31.12.2008. 2. First we take up revenue's appeal. The only issue in this appeal of revenue is whether the profit arisen out of sale of shares is to be assessed as short term capital gain or long term capital gain, as the assessee has not held the capital asset for more than twelve months. For this, revenue has raised following three grounds: "1. That on the facts and circumstances of the case the Ld. CIT(A) erred in deleting the addition of Rs.22,56,027/- as 'short term capital gain' made by the Assessing Officer without appreciating the fact that the case of the assessee falls under provision of sec. 2(42A) of the Act and spirit thereof for which 'Short term capital asset' means a capital asset held by an assessee for not mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly states, "short term capital asset means a capital asset held by an assessee for not more than twleve months immediately preceding the date of its transfer". Clearly, the section intends to exclude the date of sale." Aggrieved, assessee preferred appeal before CIT(A), who treated the profit arising from sale of shares as LTCG by observing in para 15 as under: "15. However, on plain reading of provision of Sec. 2(42A) as also u/s 2(29A), I find that there is nothing in the language employed by the statute which requires exclusion of the date of purchase in computing the period of holding of the capital asset. In my considered opinion the period of holding must necessarily include the date of purchase of the capital asset as weIl. If ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has raised following three grounds: "1. For that on the facts and in the circumstances of the case, the CIT (A) ought to have directed the AO to delete the additional disallowance of Rs.9,09,010/- made u/s 14A of the Income Tax Act once he agreed with the contention of the assessee that the amount disallowable u/s 14A could not exceed Rs.6,76,883/-. 2. For that on the facts and in the circumstances of the case, the assessee having disallowed the expenses of Rs.6,76,683/- u/s 14A in arriving at the returned business income and since the AO started his computation of income with reference to the income returned, the disallowance of Rs.9,09,010/- additionally made by the AO u/s 14A of the lncome Tax Act should have been fully deleted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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