TMI Blog2018 (12) TMI 221X X X X Extracts X X X X X X X X Extracts X X X X ..... e tests as provided in the above Circular in the context of the facts and found is that these investments were out of its own funds and not borrowed funds, further it maintained a distinction between trading in shares and investments. Thus two portfolios one for “Investment” and other for “Trading”. Besides for the earlier years the Revenue accepted the claim of short term capital gain. Thus t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allenges the order dated 8th July, 2015 passed by the Income Tax Appellate Tribunal. This appeal relates to the Assessment Year 2008-09. 2. Mr. Kotangle, learned counsel to the Revenue urges the following brief question of law: Whether in the facts and circumstances of the case and in law was the Tribunal justified in holding that the gain made on sale of shares is to be classified as shor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the year. 4. Being aggrieved the Respondent carried the issue in appeal to the Commissioner of Income Tax (Appeal)(CIT (A)) but without success. 5. On further appeal to the Tribunal by the impugned order dated 8th July, 2015, the appeal was allowed. This after examining the facts and finding that in its Balance-sheet and profit and loss account the respondent had separately shown t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al ought to be admitted as the amounts involved are large. Besides the profit claimed under the head short term capital gain are all on account of purchase and sale of shares during the assessment year. 7. We note the fact, that the issue of classification of income on sale of shares as business income or as short term capital gains is to be decided the facts of each case. The tests to be appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s than 12 months, it is to be termed as short term capital gain. Moreover, the impugned order of the Tribunal also in the present facts correctly placed reliance upon the decision of this Court in the case of CIT Vs. Gopal Purohit 336 ITR 287. 8. In the above facts, the view taken by the Tribunal on the facts is a possible view. Thus, the question as proposed does not give rise to any subst ..... X X X X Extracts X X X X X X X X Extracts X X X X
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