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TMI Blog2023 (7) TMI 1271X X X X Extracts X X X X X X X X Extracts X X X X ..... facts of the case. 2. On the facts and in the circumstances of the case, the decision of the Ld. CIT(A) to hold the transactions in shares on Short Term Capital Gain and not business income as held by the Assessing Officer, is not correct in law and facts. 3. Whether for application of Rule of consistency, the facts and circumstances in the respective years have to be identical 4. Whether in absence of such categorical of facts & circumstances of different years to show identity, finding of the CIT(A) is erroneous. 5. The appellant craves leave to add/ alter/delete / modify the grounds of appeal before or during the hearing of appeal. 3. Briefly stated the facts of the case are that the assessee filed his return of income for the y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned that no doubt the period of holding was less but the intention of the assessee was that of investor and not a trader. 10. After considering the facts and the submissions and verifying the status of assessment under similar facts in previous assessment years and subsequent assessment years the CIT(A) observed as under :- "In view of the above, it is clear that the A.O. in the earlier assessment years and in the subsequent assessment years has been consistently accepting the stand of the appellant and the income from trading of shares has been treated as short term capital gain. As pronounced in the above judicial verdicts, since the assessee has followed a consistent practice in regard to the nature of activity, the manner of keeping ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g, but consistency of also the anvil on which the process of reasoning rests are antedote to the vice of arbitrariness. Every decision making authority, be it judicial or administrative, being public servant is accountable to the State and its subjects. Consistency, both in content and in procedure has to be adhered to in order to ensure predictability of the decisions. The absence of consistency and the consequent unpredictability of the decisions, both judicial as well as administrative leads to cynicism in the society. In order to ensure procedural and content consistency in decisions, every decision making authority should ensure that in a given set of circumstances, their decision must be on same lines as that of their predecessor or c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oes not apply to income tax proceedings pertaining to different assessment years since each assessment year is a separate assessment unit in itself if rests in separate factual scenario. Xxxxxxx 8. The issue before us is the consistency (or lack thereof) in the decision making. There was nothing wrong if in the impugned order dated 31.07.2022 the ACIT concerned had taken a view different from the view taken in order dated 28.07.2022, provided the diversion was supported by way of cogent reasoning. As mentioned above, consistency does not mean putting iron fetters on the subsequent decision making; it only means expecting that a deviation from the previous decision in similar set of circumstances is explained by way of cogent and rational ..... X X X X Extracts X X X X X X X X Extracts X X X X
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