TMI Blog2014 (6) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... re the Tribunal by way of Misc. Application – thus, the present Misc. Application filed by the assessee is liable to be rejected – Decided against Assessee. - MA No. 533/Mum/2011, I.T.A. No. 847/Mum/2009 - - - Dated:- 28-5-2014 - Shri D. Manmohan And P. M. Jagtap,JJ. For the Applicant : Shri Sajjan Kumar Tulsiyan For the Respondent : Shri Sanjeev Jain ORDER Per P. M. Jag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the transactions of purchases and sale of delivery based shares were effected by the assessee as trader and the profit from the said transactions thus, was chargeable to tax in the hands of the assessee as business income as rightly held by the AO. As submitted by the assessee in the present Miscellaneous Application and further reiterated by the ld.counsel for the assessee at the time of heari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal in assuming wrong facts as alleged by the assessee. He has contended that the decision of the Tribunal treating the assessee as trader in delivery based shares has been rendered after taking into consideration all the relevant facts and figures of the assessee s case and it cannot be said that there is any mistake apparent from the record in the well discussed and well reasoned order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mbay High Court on the two substantial question of law, one of which is as under : Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the appellant is a trader and not an investor in shares? 5. As already noted above, the assessee in the present MA is seeking rectification of the order of Tribunal treating it as trader in shares and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s held by the Hon ble Gujarat High Court that the order of the Tribunal recalling the order dated 11.7.2008 passed in Income Tax appeal No.633/Ahd/2008 could not be sustained. Taking into consideration the decision of the Special Bench of the Tribunal in the case of Tata Communication (supra) and the decision of Hon ble Gujarat High Court in the case of Muni Seva Ashram (supra), we hold that the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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