TMI Blog2016 (3) TMI 247X X X X Extracts X X X X X X X X Extracts X X X X ..... ort term capital gains annexed to the Memo of Appeal that in a large number of cases, the holding of shares is for a short period i.e. less than 30 days and in any event not more than 75 days in any case as noted in the CIT(A) in his order. No substantial question of law. - Income Tax Appeal No. 2242 of 2013 - - - Dated:- 22-2-2016 - M. S. Sanklecha And B. P. Colabawalla, JJ. For the Appellant : Mr P.J. Pardiwalla, Sr. Counsel with Ms Aasifa Khan For the Respondents : Mr A.R. Malhotra with Mr N.A. Kazi ORDER P. C. 1. This Appeal filed under section 260A of the Income Tax Act 1961 (the Act) takes exception to the order dated 30th August 2013 passed by the Income Tax Appellate Tribunal (Tribunal). The impugned order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer's order. This by holding as under :- 4. I have considered the facts of the case and submissions of the assessee. It is a matter of fact whether a person is dealing in shares as trader or as investor. For this purpose all the relevant facts have to be considered. The relevant facts in such cases are the nature to purchase, entry in books of account, frequency of transactions, period of holding volume of transactions, nature of funds, whether borrowed or own capital, other activities of the assessee etc. In the case of the assessee motive is claimed to be investment but it is not reflected by any other evidence except claiming that in books of account such holding of shares has been classified as investment and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of accounts, nature of funds used, holding period etc. which are relevant in deciding the true nature of transactions and no single factor is conclusive. Thus, mere non-introduction of interest bearing funds will not alone determine the nature of the transactions. The impugned order, after analyzing the statement of capital gains which were available before it, came to the conclusion that most of the shares have been sold within 30 days of its purchase and upheld the order of the CIT(A). Thus, concluding that the activity of purchase and sale of shares claimed to be on account of investment was in fact profit from its activity of trading in shares to the extent of ₹ 77.85 lakhs. 6. Mr Pardiwalla, Sr. Counsel in support of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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