9911796707
TMI Blog2013 (6) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... this order of the Tribunal was varied in appeal by any other higher authority no good and justifiable reason to interfere with the order of CIT(A) - appeal of the revenue is dismissed. - ITA No.868/Kol/2012 - - - Dated:- 18-6-2013 - Sri N. S. Saini AM And Sri Mahavir Singh, JM,JJ. For the Appellant : Shri A. K. Mohapatra, CIT(DR) For the Respondent: Shri D. S. Damle, FCA ORDER Per Shri N.S.Saini, AM. This is an appeal filed by the Revenue against the order of ld. CIT(A)-XXX, Kolkata dated 31.01.2012. 2. The sole issue involved in this appeal is that the ld. CIT(A) was not justified in holding that the transactions of voluminous and frequent purchase and sale of shares in a systematic manner resulting in profit amounti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as declared by the appellant. It is further seen that the order of CIT(A) was appealed against before the ITAT, Kolkata. However, the Hon'ble ITAT, B Bench, Kolkata in ITA NO.653/Kol/2011 for A.Y.2004-05 in its order dated 13.01.2012 has confirmed the order of CIT(A) and held that : "After hearing the rival submissions and keeping in view of the fact that the assessee has invested in shares, securities units in the past years as well. The investments were made out of own funds. From the Balance Sheet as of 31st March, 2002 2003 your honour will note that the assessee's investments from own funds were Rs.93,30,065/- Rs.1,39,92,543/- and in the assessment for the relevant period; assessee was not regarded as dealer in shares. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... available on record we find that the undisputed facts of the case are that the AO observed that the assessee has done voluminous and frequent transactions in shares and therefore in view of the CBDT Instruction No.1827 dated 31.08.1989 the profits from transactions and shares and units of the assessee are treated as business profits in place of capital gains shown by the assessee. On appeal the ld. CIT(A) by following the order of the Tribunal passed in A.Yr.2004-05 in assessee's own case in ITA No.653/Kol/2011 order dated 13.01.2012 allowed the appeal of the assessee by holding that the profits from sale and purchase of shares and units are to be treated as capital gains of the assessee. The ld. DR could not point out any specific error i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
