TMI Blog2013 (1) TMI 892X X X X Extracts X X X X X X X X Extracts X X X X ..... gains of business by the revenue - The revenue never treated the shares as stock in trade of the respondent assessee - hence assessee is not carrying on business of shares trading- thus no question of law arises - appeal is dismissed in favor of assessee - Income Tax Appeal No.1088 of 2011 - - - Dated:- 9-1-2013 - J.P. DEVADHAR AND M.S. SANKLECHA, JJ. Mr. Tejveer Singh for the Appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ather than investment in shares to earn dividend? b) Whether on the facts and circumstances of the case and in law, the Tribunal is in law in upholding the CIT(A)'s order that the assessee indulged in investment in shares without considering that the assessee has devoted most of his time in only one activity i.e. activity of earning profit through sales and purchase of shares, be it derivat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent assessee was carrying on share trading business. Thus, the income was liable to tax under the head profit and gains of business. 4) However, both the Commissioner of Income Tax (Appeals) as well as Tribunal have recorded a finding of fact that the respondent assessee was carrying business of investment in shares for last 30 years and for the last 25 years was assessed to tax und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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