TMI Blog2013 (9) TMI 1180X X X X Extracts X X X X X X X X Extracts X X X X ..... as business income, relying on the decision of the Hon ble ITAT for Y 2004-05 and CIT(A)-XIX for Y 2006-07 respectively in the assessee s own case ignoring the facts that the said decisions have not been accepted by the department. 2. On the facts and in the circumstances of the case and in Law, the Learned CIT(A) has failed to appreciate the fact that the assessee has made frequent transactions of sale and purchase of shares and the magnitude of transaction is also huge which clearly establish tat the motive for transactions was to earn profit by pursuing an adventure in the nature of trade. 3. On the facts and in the circumstances of the case and in Law, the Learned CIT(A) has also erred in relying on the decision of Hon ble ITAT, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 28/3/2013 and has furnished copy of the said order on our record. Copy of the order of Hon ble High Court as well as assessment order for assessment year 2010-2011 was also given to Ld. DR. Thus it was claimed that the issue is now covered in favour of the assessee, therefore, order of Ld. CIT(A) has to be upheld. 3. On the other hand, Ld. DR did not dispute the aforementioned factual position. However, he relied upon the order passed by AO. 4. We have heard both the parties and their contentions have carefully considered. The order of the Tribunal has upheld by Hon ble Jurisdictional High Court vide aforementioned order dated 4/2/2013 with the following observations: PC: In this appeal by the revenue the basic issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d earned was ₹ 8.36 lacs on the investment of ₹ 2.77 crores also establishes that the intention of the respondent was to earn dividend income. Moreover, as observed by the CIT(A) the respondent assessee was a busy Doctor and would not have time to deal in share transaction on day to day basis. Thus, the Tribunal on the above facts concluded that income earned on sale of shares held for less than six months are to be taxed under the head Capital Gain. Moreover, we are informed that even for the earlier assessment years gain on sale of shares has been taxed by the revenue as short term capital gain and not as business income. 4. In view of the fact that the decision of the Tribunal taxing the gain made on sale of shares under t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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