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TMI Blog2013 (5) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal decision. Held that:- Assessee’s contention that income from sale of shares is to be treated as STCG and has not been accepted on the ground that looking to the frequency of transactions and holding period is also from “0” to few days. In A.Y. 2006-07 the matter has been restored back to the file of AO to follow the order of the Tribunal. Accordingly, we also set aside the order of the CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s income. 2. Brief facts of the case are that, the assessee is an individual, engaged in the business of trading in shares and securities, mutual funds and portfolio management. The Assessing Officer noted that in the earlier years, the department has treated the STCG on purchase and sale of shares as business income in the preceding years and the assessee has contested on this issue before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the A.Y.2008-09 in the assessment order and simply treated the Short Term Capital Gain shown by assessee as income from business relying upon the assessment order for A.Y. 2005-06 to 2007-08. CIT(A) held the profit on shares held for less than 30 days as business income and for more than 30 days STCG. The assessee preferred the appeal to ITAT which confirmed that the assessee was a trader in s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TAT in earlier years and in earlier years also the assessee had income from PMS. Since the facts of this year are same as those decided by the ITAT in earlier years, hence respectfully following the decision of ITAT in assessee own case, the profit of 32,97,363/- on sale of shares disclosed by assessee as STCG is directed to be assessed as business income for this year also. Hence this ground of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pted on the ground that looking to the frequency of transactions and holding period is also from 0 to few days. In A.Y. 2006-07 the matter has been restored back to the file of AO to follow the order of the Tribunal. Accordingly, we also set aside the order of the CIT(A) to the file of the Assessing Officer who is directed to consider the issue in accordance with the findings given by the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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