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TMI Blog2011 (5) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the shares were sold in a short span of time of its acquisition due to steep and unanticipated rise in stock market does not mean that the intention of the assessee at the time of purchase of shares was not to hold them for a long period of time or to deal in them - Therefore, the profit arisen from sale of shares of ONGC during the relevant previous year was to be treated under the hea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 206828 shares of ONGC to the tune of Rs.2,91,38,876.00. During the assessment proceedings, the Assessing Officer noticed that assessee had purchased 1,77,047 shares of ONGC on 29th March, 2004 and 31781 shares of ONGC on 17th May, 2004. The entire holding of shares of ONGC except 2,000 were sold by the assessee within a short span of 7 to 10 months. The assessee had treated the surplus of Rs.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re sold within a short span of 7 to 10 months by the assessee. There is also no dispute that the assessee had also asserted to be non-banking financial company having business of investments and dealing in shares. However, the facts which were noted by the CIT(A) and also the Tribunal are worth considering. The assessee was, in fact, engaged in manufacture of photographic goods having manufacturin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tments nor dealing in shares, though it held shares of different companies at the beginning of the relevant previous year. The assessee had acquired those shares in a public issue and had, in fact, shown them in the books of accounts as investment and were booked under the head non-trade and not trading investment. The intention to acquire those shares as investment can be reflected from the f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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