TMI Blog2012 (10) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... viting long term capital gain for a total sum of ₹ 53,84,239/-. Totality of the facts and circumstances of the case would lead to an inescapable conclusion that CIT (Appeals) as well as the Tribunal correctly applied the factual and legal position. - Tax Appeal No. 1509 of 2011 - - - Dated:- 1-10-2012 - Akil Kureshi And Harsha Devani, JJ. For the Appellant : Pranav G. Desai For the Opponent : None ORDER Akil Kureshi, J. 1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal ('the Tribunal', for short) dated 27-5-2011. For the assessment year 2006-07, the following questions have been presented for our consideration:- A. Whether in the facts and circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hares and concluded that the Assessing Officer failed to take into account such clarification as well as the decisions of the Apex Court. He was of the opinion that looking to the material on record, it cannot be stated that the assessee was in the business of trading in shares. Revenue, aggrieved by the decision of the Commissioner (Appeals), carried the matter before the Tribunal. The Tribunal upheld the Commissioner's view making following observations:- 4. We have considered the rival submissions on either side and have also perused the material available on record. For the purpose of finding out the nature of transaction as to whether it is an investment or adventure in the nature of trade, one has to see the intention o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res has to be classified as capital gain either as short term capital gain or long term capital gain depending upon the period holding. Since the CIT(A) has directed the assessing officer to treat the same as capital gain we do not find any infirmity in the order of lower authority. Accordingly the same is confirmed. Having heard learned counsel for the revenue and having perused the documents on record, we are of the opinion that the Commissioner as well as the Tribunal concurrently found as a matter of fact that looking to the relevant factors including the amount of shareholding of the assessee, the volume and the frequency of the purchase and sale of shares etc., it cannot be stated that the assessee was in the business of trading ..... X X X X Extracts X X X X X X X X Extracts X X X X
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