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TMI Blog2018 (5) TMI 1437X X X X Extracts X X X X X X X X Extracts X X X X ..... l against the judgment of the Income Tax Appellate Tribunal, Ahmedabad Bench dated 18th September 2017 raising the following question of law for our consideration : "Whether the Appellate Tribunal is right and on facts in holding that the income shown by the assessee on sale of shares of VEOL is to be treated as capital gain instead of business income ?" Identical issues arising out of the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircular No. 6 of 2016 dated 29.02.2016 in which, in the context of this ongoing controversy between the assessee and department regarding the treatment to be given to the income generated through sale of shares, certain directives have been issued. 4. Learned counsel for the Revenue mainly stressed on two aspects. Firstly, that the Tribunal did not give proper consideration to the facts on record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing out of the issue at hand. In this context, in the said circular it is noted that despite earlier directions, disputes continued to exist on the application of the principles laid down in the said circulars and the individual tax buyers find it difficult to prove the intention in acquiring the shares and securities in question. There are no universal principles which could be applied uniformly. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the taxpayers shall not be allowed to adopt a different/contrary stand in this regard in subsequent years. c) In all other cases, the nature of transaction (i.e. whether the same is in the nature of capital gain or business income) shall continue to be decided keeping in view the aforesaid Circulars issued by the CBDT." 7. These directions thus essentially recognize that the declaration made ..... X X X X Extracts X X X X X X X X Extracts X X X X
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