9911796707
TMI Blog2012 (2) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... ss Income. - ITA No. : 5398/Mum/2009 - - - Dated:- 4-1-2012 - SHIRI R. S. PADVEKAR, SHRI RAJENDRA SINGH, JJ. Department by : Shri P.K.B. Menon Assessee by : Shri Haresh Shah O R D E R Per RAJENDRA SINGH (AM) : This appeal by the Revenue and cross objection by the assessee are directed against the order dated 09.07.2009 of CIT(A) for the Assessment Year 2006-07. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vestment in shares. The assessee has been investing in shares since 1954 with the motive of earning dividend. The buying and selling of shares was not regular and continuous, but was of occasional nature. The assessee had also used owned funds and not borrowed funds. It was pointed out, that the paid up capital of the assessee was `.8,66,750/- and there were free reserves of `.2.84 crores which ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same set of facts in assessee s own case in the Assessment Years 2003-04 and 2005-06, the appeal of the assessee had been allowed and in the Assessment Year 2003-04, the Tribunal had also confirmed the order of CIT(A), treating the purchase of shares as investment activity. CIT(A) accordingly, directed the AO to assess the income declared by the assessee as Capital Gain, aggrieved by which the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions in a particular case should be treated as investment activity or trading activity, has been highly a debatable issue. There are various decisions of the Tribunal on both the sides. Each case, therefore, has to be decided on its own facts and circumstances. In the present case, the assessee had been holding shares for more than one year and upto 10 years in many cases. It has been submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Revenue is dismissed. 5. The cross objection of the assessee has been filed only in support of the order of CIT(A). Since we have already upheld the order of the CIT(A), the cross objection is dismissed as having become infructuous. 6. In the result, both, the appeal of the Revenue and the cross objection of the assessee are dismissed. Order pronounced on this 4th day of January, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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