TMI Blog2017 (12) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate Tribunal referred to the finding of the first Appellate Authority. Short holding period, volume of the scrips and frequency of the transactions are major factors to decide the issue as to whether the assessee is an investor or was doing business in shares and security. After considering the peculiar facts of the relevant assessment year namely that the STCG of ₹ 16.62 lacs was from the shares which were held for a maximum period of one week, the finding of fact recorded by the first Appellate Authority has been upheld by the Appellate Tribunal. As already quoted above, a sum of ₹ 16,62,262/was held as business income. In our view, the findings of fact recorded by the Appellate Tribunal are based on record. - Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income from business of the appellantassessee. 3 In an appeal preferred by the appellant before the Appellate Tribunal, the order of the first Appellate Authority has been confirmed. The appeal preferred by the respondentrevenue has been dismissed. 4 The learned counsel for the appellant invited our attention to the chart which is a part of Judgment and order of the first Appellate Authority. The submission is that in case of earlier assessment years, on similar facts, the Assessing Officer adopted different approach. The submission is that principle of consistency ought to have been followed as in the case of earlier assessment year, on more or less similar facts,the respondentrevenue accepted the income from the STCG as income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the principles laid down in paragraph 2.4 which in our view have been correctly laid down, the Appellate Tribunal considered the facts of the case. It was observed that the number of scrips purchased and sold during the year was 100% more than the last assessment year. It was also observed that in the turnover of purchase value and sale, there is a huge increase from ₹ 2.37 crores to 5.98 crores. It was found as a matter of fact that the assessee earned ₹ 16.10 lakhs on the trading of shares which were held by him only for a period of one to seven days. Thus, a finding of fact was recorded that major portion of STCG was out of the sale of shares that were held only for a maximum period of one week. Thereafter, the Appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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