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2016 (1) TMI 400

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..... estment and not as business. This finding of the ld.CIT(A) is not controverted by the Revenue and no change into facts is pointed out as to why in this year under appeal the transactions are not treated as investment. Under these facts, we do not see any reason to interfere with the order of the ld.CIT(A), same is hereby upheld. Thus, all the grounds of Revenue’s appeal are rejected. - Decided in favour of assessee - I.T.A. No.2694/Ahd/2010, I.T.A. No.2695/Ahd/2010 - - - Dated:- 21-10-2015 - SHRI G.D. AGARWAL,VICE PRESIDENT (AZ) And SHRI KUL BHARAT, JUDICIAL MEMBER For The Assessee : Shri P.F.Jain, AR For The Revenue : Shri Rakesh Jha, Sr.DR ORDER PER SHRI KUL BHARAT, JUDICIAL MEMBER : These two appeals by the Re .....

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..... assessment u/s.143(3) of the Income Tax Act,1961 (hereinafter referred to as the Act ) was framed vide order dated 31/12/2008, thereby the Assessing Officer (AO in short) disallowed the claim of interest amounting to ₹ 4,29,778/- and also treated the Short Term Capital Gain (STCG) as business income of ₹ 23,68,262/- and enhanced the computed income at ₹ 30,36,200/-. The assessee being aggrieved by the assessment order, preferred an appeal before the ld.CIT(A), who after considering the submissions of the assessee partly allowed the appeal. While partly allowing the appeal, the ld.CIT(A) confirmed the disallowance made in respect of interest expenditure. However, ld.CIT(A) directed the AO to allow the claim of STCG by trea .....

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..... 31/03/2006 is also meager at ₹ 6.02 Lacs. Further, the volume of transaction and volumes of shares transacted are also not on very much higher side. The assessee is also maintaining the books of account by showing the shares as investment in the books of account and not as stock in trade regularly. The assessee is not a frequent buyer of shares from market but applies in the IPO so as to give boost to the primary market of the stock exchange. Further, looking to the para 111 of the budget speech for fiscal year 2004-05, the intention of the legislature is also expressed in clear cut terms for taxing the income from capital gain and also to do away with various complex and vexed issues in this regard. The judgements of CIT vs. S. Ramaa .....

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..... s investment and not as business. This finding of the ld.CIT(A) is not controverted by the Revenue and no change into facts is pointed out as to why in this year under appeal the transactions are not treated as investment. Under these facts, we do not see any reason to interfere with the order of the ld.CIT(A), same is hereby upheld. Thus, all the grounds of Revenue s appeal are rejected. 5. In the result, Revenue s appeal (in the case of Shri Ashokkumar Babulal Almal) in ITA No.2694/Ahd/2010 for AY 2006-07 is dismissed. 6. Now, we take up the Revenue s appeal (in the case of Shri Dineshkumar Kunjbihari Almal) in ITA No.2695/Ahd/2010 for AY 2006-07, wherein following grounds have been raised by the Revenue:- 1. The Ld.CIT(A) erred .....

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