TMI Blog2018 (10) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... no less than ten elements which the Revenue authorities are to consider in appreciating, whether or not, capital gains reported by the assessee are in fact so or do they really amount to a business income. Having regard to the concurrent findings rendered on proper application of the law and the relevant circulars, the Court is of the opinion that no question of law arises. - Decided against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich included capital gains etc. The Assessing Officer (AO), after considering the material on record, was of the opinion that the amount claimed as short-term capital gains really ought to be treated as business income. In so concluding, the AO took into account the nature of the share transactions and the irregularities. He also noted that the purchases were made out of borrowings and also took i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a, learned counsel contends that the assessee was not primarily engaged in the activity of share business and rather was able to, with some research, read the five scrips in question and make strategic investment. It was submitted that the tests in question were wrongly applied by the Revenue authorities. Learned counsel relied upon CIT v. Vinay Mittal 2012 (208) Taxmann 106 (Del). In the prese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Industries Ltd. 20 20 40 162 This Court notes that the AO was cognizant of the CBDT s circular which outlined no less than ten elements which the Revenue authorities are to consider in appreciating, whether or not, capital gains reported by the assessee are in fact so or do they really amount to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of securities in the books of the account and in balance sheet as stock in trade or as an investment. (ix) Total numbers of stocks dealt in. (x) Whether money has been paid or received or whether these are only book entries. Having regard to the concurrent findings rendered on proper application of the law and the relevant circulars, the Court is of the opinion that no question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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