2016 (9) TMI 818

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... J. P. Khaitan, Sr. Advocate. .. for the respondent. ORDER Delay in preferring the appeal is condoned. The appeal is directed against the judgement and order dated 27th July, 2015 passed by the learned Income Tax Appellate Tribunal, Kolkata "A" Bench, Kolkata in ITA No.1159/Kol/2011 pertaining to the assessment year 2007-2008 by which the learned Income Tax Appellate Tribunal dismissed ITA No .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ention. Intention is locked in the mind of the person concerned. Intention can only be ascertained from the circumstantial evidence including contemporaneous Books of Accounts of the assessee. Almost similar view was taken by the Supreme Court in the case of CIT vs. ASSOCIATED INDUSTRIAL DEVELOPMENT CO.(P) LTD. reported in (1971) 82 ITR 586 at Page-590 as follows: "It can hardly be disputed that .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... vestment accounts and some were in trading account. In the present case, the case of the assessee is that all transactions were on investment account. Therefore, the assessee has to prove that it was a case of investment and not a case of trading. In the case before us, contention was raised before the assessing officer by the assessee that "the transactions this year are mere change of investme .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nue. We are inclined to think that neither the assessing officer nor the CIT (Appeals) insisted upon the assessee to produce evidence from its records to show that the transactions were intended to be investments and not mere dealing in shares. The substance of the matter was not thus adverted to. Stress was laid on the treatment given in earlier years which is not of much importance because a wr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ut by the assessing officer. For the aforesaid reasons we are inclined to think that the matter should go back to the assessing officer. The questions quoted above need not be answered at this stage because we have directed remand of the matter. Therefore, orders passed by the learned Tribunal, CIT (A) and the assessing officer are all set aside. The matter is remanded for reconsideration after .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X