TMI Blog2002 (10) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... below have found that the shares held by the assessee were by way of investment only and that he was not dealing with them. Learned senior counsel appearing for the Department could not point out any legal or factual infirmity in the order of the Tribunal or in the order of the Commissioner of Income-tax (Appeals). The totality of all facts has been examined and correct principles have been applie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , these shares were held as investment for a period of more than 12 months and, therefore, the profit made on the sale of the shares was a long-term capital gain. The Assessing Officer did not accept his contention and observed that the assessee had been purchasing and selling shares since the assessment year 1991-92 onwards. After referring to the amendment in the Income-tax Act, 1961 (for short ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed on June 8, 2001. It is against this order that the present appeal has been filed by the Revenue under section 260A of the Act. We have heard counsel for the appellant and perused the orders passed by the Appellate Tribunal and also the order of the Commissioner of Income-tax (Appeals) and are of the view that no substantial question of law arises in this case for this court to entertain the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placed before him. The Commissioner of Income-tax (Appeals) and also the Tribunal have found that no fresh material was placed before the Assessing Officer. On a consideration of the entire material on the record, the authorities below have found that the shares held by the assessee were by way of investment only and that he was not dealing with them. Learned senior counsel appearing for the Depar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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