9911796707
TMI Blog2013 (10) TMI 321X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the year under consideration was sale of one scrip valued at ₹ 672/- - Merely this scrip was held only for one day would not be sufficient to hold that the assessee was in the business of trading in shares – Decided against the Revenue. - TAX APPEAL NO. 776 of 2012 - - - Dated:- 27-2-2013 - Akil Kureshi And Sonia Gokani , JJ. For the Appellant : M. R. Bhatt and Mrs. Mauna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sale of shares. Revenue held a belief that the assessee was in the business of buying and selling shares and such income, therefore, should be treated as business income. Tribunal ultimately ruled in favour of the assessee making following observations : 8. We have heard both the sides and perused the materials before us carefully. From the order of the learned CIT(A) of page 7, it is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be construed by the pattern of purchase and sale of the scripts and period of holding. For the year under consideration, the assessee had sold three scripts in five transactions which he had held for as long as 1380 days. The only other transaction relates to sale of one scripts amounting to ₹ 672/- which he had held for a day. Considering the overall facts and circumstances of the case, we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ient to hold that the assessee was in the business of trading in shares. The entire issue having been examined by the Tribunal on the basis of peculiar facts, in our opinion, no question of law arises in this appeal. To reiterate, during the entire year under consideration the assessee had sold only three scrips which were previously held by the assessee for 1380 days. One more transaction of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
