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TMI Blog2013 (6) TMI 743X X X X Extracts X X X X X X X X Extracts X X X X ..... e is directed against the order of the Ld. CIT(A)-35, Mumbai dt. 6.5.2011 pertaining to assessment year 2008-09. 2. The sole grievance of the Revenue relates to taxability of income under the head Short Term Capital Gain (STCG) as against the treatment of the same under the head 'business income' by the AO. 3. During the course of the scrutiny assessment proceedings, the Assessing Officer notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the borrowed capital is only from friends on which no interest has been paid. 4. The submissions of the assessee did not find any favour from the AO who was of the opinion that mere entries in the books of accounts showing shares as investment cannot be a determinative factor to decide the real nature of transaction. The AO further observed that the assessee cannot bifurcate the transactio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly in assessment year 2007-08, the assessee admitted the income from share trading activity under the head business. The ld. CIT(A) further observed that during the year under consideration, the assessee purchased and sold shares and the income earned was admitted under the head capital gains. However, at the same time, the shares purchased in earlier year whenever sold during this year were admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition that assessee can be an investor and a trader simultaneously as held in the case of CIT Vs Gopal Purohit 336 ITR 287. 8. We have considered the rival submissions and perused the orders of the lower authorities. The dispute is regarding the nature of income from sale and purchase of shares by the assessee. The issue, whether the income from sale and purchase of shares in a particular case sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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