TMI Blog2015 (10) TMI 2377X X X X Extracts X X X X X X X X Extracts X X X X ..... tivities resulting in 'Short Term Capital Gains.' In fact in the preceeding Assessment year on identical facts the respondent-assessee 's claim for loss under the head 'Short Term Capital Gains had been accepted by the Assessing Officer. The view taken by the Tribunal upholding the order of the CIT (A) confirming the fact of short term capital gains - Decided against revenue. - Income Tax Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the subject assessment year, the respondent assessee filed return of income declaring income at ₹ 1.6 crores. The respondent-assessee had declared income on account of 'Short Term Capital Gains' at ₹ 1.44 crores and income from business at ₹ 2.93 lacs. This was on the ground that he was maintaining two portfolios in respect of business income and the other as investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sistency the Commissioner of Income Tax (Appeals) by order dated 8th March 2011 held in favour of the respondent-assessee and allowed the appeal. 5. On further appeal by the revenue to the Tribunal, it was contended that the respondent-assessee herein was engaged in the business of share trading. Thus any income earned on account of share transactions should be taxed only as income from busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also holds that for the earlier assessment year 2007-08 the Assessing Officer had accepted the claim of loss in respect of its investment portfolios of shares as 'Short term capital loss as claimed by the respondent-assessee during scrutiny assessment. Thus, on the above facts the impugned order did not disturb the findings of the CIT (A) in his order dated 8th March 2011. 6. Mr.Pinto learn ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
