TMI Blog2014 (7) TMI 414X X X X Extracts X X X X X X X X Extracts X X X X ..... isturbed by the Revenue - out of 49 scrips there are only 17 scrips which the assessee had purchased prior to 1st April, 2007 i.e. in the previous year relevant to the AY 2007-08, and shown the investment in shares as investment which has been valued at cost - It is the profit arising from sale of such scrips cannot be treated as business income as the AO has accepted those scrips as investment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 03.08.2011 for the Assessment Year 2008-09. 2. In this appeal, the assessee has agitated the decision of the Ld.CIT(A) confirming the treatment given by AO to the short term capital gain earned/claimed by the assessee as income from business. 3. The relevant facts are that the assessee, during the year under consideration, in her return of income had declared a total income of ₹ 13,7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an investor in shares for the last 10 years and from the AY 2001-02 to 2012-13, except during the year under consideration, the short term capital gain offered by the assessee has not been disturbed by the Revenue. It is further observed that the assessee has shuffled her investment portfolio from time to time and earned short term capital gains and long term capital gains and the same have been o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has made investment in shares for capital appreciation. It is further relevant to point out that the assessee after selling the particular scrip has not entered into same scrip in the year under consideration and therefore, the assessee has not acted as trader in shares. It is also relevant to note that out of 49 scrips there are only 17 scrips which the assessee had purchased prior to 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various companies which is apparent from the investment in shares shown by the assessee every year. Considering the entirety of facts, we are of the considered view that the authorities below are not justified in treating the impugned receipt of ₹ 11,21,171/- as business income against the same claimed by the assessee as short term capital gain. In view of that matter, the AO is directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
