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TMI Blog2019 (3) TMI 1108X X X X Extracts X X X X X X X X Extracts X X X X ..... t. P.C.: 1. Assessee has filed this appeal against the judgment of the Income Tax Appellate Tribunal raising following questions for our consideration: "(1) Whether in the facts and circumstances of the case and in law, the Tribunal was right in holding that the gains arising from transfer of shares held for a period of less than 30 days is to be treated as business income and not as capital ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... buying and selling shares. The Assessing Officer and CIT (Appeals) on the basis of the frequency of sale and purchase of shares and duration of holding such shares as also the volume came to the conclusion that the shares held by the assessee for less than 12 months would give rise to business income upon sale. The Tribunal give partial relief to the assessee and held that all the shares which we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case the determinative factor. However, in the present case, we must appreciate the essence of the order of the Tribunal in overall facts and circumstances of the case. After noticing the assessee's activity of buying and selling shares and income generated from such activity, the Tribunal while granting partial relief for the Assessee had recorded that the same was done in peculiar facts of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fault to the Tribunal's conclusion that the assessee was not purely an investor in shares. The Tribunal introducing the demarcation line of holding of shares of less than 30 days and more than 30 days for giving different treatment for receipts arising out in sale of such shares would not vitiate the very foundation of the Tribunal's finding. No question of law arises. Income Tax Appeal is dismis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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