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TMI Blog2013 (1) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of stock in trade which are to be treated as trading assets. It is not the case that the assessee started these activities in the year under consideration. The practice is supported by earlier years also which is not disputed. The department has earlier accepted the assessee's practice and treatment under heads of capital gains and business. Assessee's separate activities in share are further supported and endorsed by the fact that separate de mat accounts, bank accounts are being maintained and separate trading account and investment accounts are maintained in the books. Under these circumstances it confirms that the assessee was dealing in different activities of trading and investment - no interference with the decision of the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee s investment portfolio. The assessing officer did so by treating both the short term capital gain as well as the long term capital gain as business income by construing the entire activity of the assessee as a business activity. 2. The Commissioner of Income Tax (Appeals) by an order dated 24.06.2010 allowed the appeal of the assessee. Being aggrieved thereby the revenue preferred the said ITA No.3379/Del./10 before the Tribunal on the above mentioned ground. 3. The Tribunal noted that the Commissioner of Income Tax (Appeals) had placed reliance, inter alia, on the CBDT circular No.4/2007 dated 15.06.2007 as also upon decisions of the Supreme Court in the cases of CIT Vs. Associated Industrial Development Co. (P) Ltd. : 82 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivities in the year under consideration. The practice is supported by earlier years also which is not disputed. The department has earlier accepted the assessee's practice and treatment under heads of capital gains and business. Assessee's separate activities in share are further supported and endorsed by the fact that separate de mat accounts, bank accounts are being maintained and separate trading account and investment accounts ae(sic) maintained in the books. Under these circumstances it leaves no room for doubt that the assessee was dealing in different activities of trading and investment. In vie(sic) thereof we find no infirmity in the order of CIT(A) which is upheld. 5. Before us the ld. Counsel for the revenue submitted that w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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