TMI Blog2015 (2) TMI 934X X X X Extracts X X X X X X X X Extracts X X X X ..... in the immediately preceding assessment year 2004-05 on similar facts. Therefore, these transactions are to be treated as long term or short term capital gain and not business income. Thus these transactions are investment and not business. - Decided in favour of assessee. - I.T.A. No.937/AHD/2009 - - - Dated:- 15-5-2012 - SHRI G.C.GUPTA SHRI T.R. MEENA, JJ. For the Appellant : Shri S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the Assessing Officer. 4. It is therefore, prayed that the order of the Ld. CIT (A)-XI, Ahmedabad may be set aside and that of the Assessing Officer be restored. 3. The brief facts of the case are that the return of income was filed on 28-10-2005, declaring total income at ₹ 19,71,150/-. Thereafter the case was selected for scrutiny and the assessment was complete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 5-3-2009 the proceedings u/s.263 came to be dropped. The said additions were deleted by the CIT (A). Before the CIT (A) A.R. of the assessee filed detailed written submissions. The CIT (A) also called for the remand report from the A.O. A.O. submitted his reply as per letter dated 6-5-2008. On this reply of the A.O., A.R., of the assessee submitted counter comments as per letter dt.17-5-2008 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... documents and cited various decisions in support of the case as under:- (1) Smt. Harsha N. Mehta vs. DCIT (2011) 43 SOT 332(Mum) (2) Jayshree Pradip Shah vs. ACIT (2012) Taxmann.com.44 (Mum.). 7. We have heard the rival contentions perused the material on record. We have also gone through the paper book and relevant decisions cited by both the parties. The intent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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