9911796707
TMI Blog2013 (9) TMI 1137X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue is directed against the order dated 14.10.2010 of Commissioner of Income Tax(Appeals) for the assessment year 2007-08. 2. The Revenue has raised the following effective ground: "a. On the facts and in the circumstances of the case and in Law, whether the Ld. CIT(A) was justified in treating the income from sale of shares of Rs. 23,36,824/-, as income from short term capital gain as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee regarding short term capital gain. The Ld. AR has relied upon the decision dated 23.8.2013 of this Tribunal in case of assessee's wife Smt. Varsha J. Ashar in ITA No. 953/2011 and submitted that an identical issue has been decided by the Tribunal in favour of the assessee. The Ld. DR has however, relied upon the order of the Assessing Officer. 5. Having considered the rival submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has considered and decided an identical issue in para 3 as under: "3. After considering the rival submissions and perusing the relevant material on record, it is observed that the learned CIT(A) has recorded a categorical finding on page 12 of the impugned order that in the earlier years such profit on short term capital asset was treated as short term capital gain. The learned AR has placed on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen the facts and circumstances are identical". As income from sale of shares has been consistently accepted as short term capital gain in preceding and succeeding years, we see no reason for observing departure for the current year. Respectfully following the precedent, we uphold the impugned order." 6. In the facts and circumstances of the case we do not find any error or illegality in the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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