TMI Blog2011 (8) TMI 1201X X X X Extracts X X X X X X X X Extracts X X X X ..... come.’ - ITA No. 53/Mum/2010 - - - Dated:- 5-8-2011 - Shri R.S. Syal, AM and Shri N.V. Vasudevan, JM Appellant by : Shri K.Shivaram Respondent by : Shri P.C.Maurya O R D E R Per R.S.Syal, AM : This appeal by the assessee arises out of the order passed by the Commissioner of Income-tax (Appeals) on 02.12.2009 in relation to the assessment year 2006-2007. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lp of professional person like KSL to make regular investments, he held that the income shown by the assessee as short term and long term capital gain was required to be assessed as business income. The learned CIT(A) echoed the assessment order on this issue. 3. We have heard the rival submissions and perused the relevant material on record. The question whether the income earned through PMS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... `Capital gain and not as business income. Copy of the said order has been placed on record. The learned A.R. has also brought to our notice another order passed by the Pune Bench of the Tribunal in KRA Holding and Trading Pvt. Ltd. Vs. DCIT dated 31.05.2011 deciding similar issue in assessee s favour. Copy of this order has also been placed on record. In the opposition the learned Departmental Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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