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TMI Blog2013 (1) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the appellant and Sri Shakeel Ahmad, the counsel for the respondent. 2. This appeal has been filed, under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) from the order of Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow (hereinafter referred to as the Tribunal) dated 24.08.2012, passed in Income Tax Appeal No. 682/Lkw/2011 by which the appeal file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax Return on 26.10.2006, in capacity of individual, showing total income from business of Rs. 35,70,873/- and Rs. 2,76,29,222/- as long term capital gain and Rs. 4,09,20,556/- as short term capital gain from sale of shares of Godesic Info. and Trans. Gene, Biotec amounting to Rs. 6,85,49,778/-. The assessee is dealing in shares as broker, trader and investor and was registered with U.P. Stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining separate accounts for trading and investments and also have separate bank accounts for them. 4. The Assessing Officer, by order dated 23.12.2008 held that the assessee was a share broker and main business of the assessee was purchase and sale of the shares. He had made 'investment portfolio' as a colourable device to avoid payment of tax although motive of the assessee to earn the profit. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s long term capital gain and short term capital gain as shown by the assessee in his return. The Revenue, feeling aggrieved, filed an appeal before the Tribunal. The Tribunal by the impugned order dated 24.08.2012 dismissed the appeal of the Revenue and upheld the order of the CIT(A). The counsel for the parties brought to the notice of the Court that in the matter of the assessee for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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