9911796707
TMI Blog2016 (11) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Act, 1961 (the Act) challenges a common order dated 14th August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Years 2005-06, 2006-07 and 200809. 2. The Revenue urges the following question of law for our consideration : "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugned order dismissed the appeal of the Revenue that the above amount of Rs. 1.24 crores should be classified as "Business Income". The impugned order of the Tribunal while dismissing the Revenue's appeal placed reliance upon its decision in respect of Assessment Years 2006-07 and 2005-06. 4. The appeal in respect of Assessment Year 2006-07 filed by the Revenue, being Income Tax Appeal No. 86 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as "Short Term Capital Gain" instead of "Business Income" ? 6. Mr. Suresh Kumar, learned Counsel for the Revenue places reliance upon the aforesaid two orders of this Court admitting the Revenue's appeal and prayed that the present appeal also be admitted on an identical question. 7. However, we specifically asked Mr. Suresh Kumar whether the transactions in the subject assessment year were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubject assessment year, the assessee has carried out the business activity out of its own funds and the authorities have also rendered a finding of fact that the transactions are not large nor so frequent so as to hold that the respondent assessee was a trader in shares. 9. The finding of fact arrived at both by the CIT(A) as well as the Tribunal for the subject assessment year that the responden ..... X X X X Extracts X X X X X X X X Extracts X X X X
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