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TMI Blog2013 (11) TMI 725X X X X Extracts X X X X X X X X Extracts X X X X ..... ts. She has also filed copy of balance sheet - To meet the ends of justice and fair play the matter needs re-examination by CIT(A) and therefore restored the issue to the file of CIT(A) for him to decide the issue after considering the submissions of the Assessee - Allowed in favor of assessee for statistical purpose. - I. T. A. No. 3284 /AHD/2010 - - - Dated:- 1-11-2013 - Shri D. K. Tyagi, J. M. And Shri Anil Chaturvedi, A.M.,JJ. For the Appellant : Ms. Urvashi Shodhan For the Respondent : Shri P. L. Kureel, Sr. D. R. ORDER Per Shri Anil Chaturvedi,A. M. 1. This appeal is filed by the Assessee against the order of CIT(A)-XIV, Ahmedabad dated 27.10.2010 for A.Y. 2006-07. 2. The fact as culled out from the material on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luded that Assessee was indulging in frequent buying and selling of shares on a very large scale continuously during the year. He was of the view that had the intention of the Assessee been to purchase the shares for the purpose of investments then the Assessee would have only got shares and sold them only on emergency and not frequently as done at present by the Assessee. He thus relying on the decision of Ahmedabad Bench in the case of Poornima Shah (ITA No. 3154/AHD/2002) held the profit earned from buying and selling of shares to be "income from business" and accordingly the short term capital gain was treated as business income. Aggrieved by the order of A.O. Assessee carried the matter before CIT(A). CIT(A) vide order dated 27.10.2010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny and rate of purchase and sale and other things, it is not possible to decide as to whether the transaction is a short term capital gain/ investment or meant for a business activity. Thus, I have no alternative but to confirm the order of the AO on this issue. Therefore, the AO's treatment of Short Term Capital Gain of Rs.5,55,334/- as business income is confirmed and the appeal is dismissed. 5. Aggrieved by the order of CIT(A), the Assessee is now in appeal before us. 6. Before us, the ld. A.R. submitted that Assessee is the Senior Citizen and her taxable income was over 25 lacs for the last few years. She had substantial surplus fund which had been invested in various investments. It was further stated that Assessee did not borrow a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uted fact that Assessee had earned profit on sale of shares amounting to Rs. 5,55,334/- which has been treated by Assessee as short term capital gains but on the other hand the A.O. has treated into as "business income" and which has also been confirmed by CIT(A). From the order of CIT(A), we find that the reason for confirming the order of A.O. interalia was that the Assessee had not given any chart or break up of the shares purchase and sold containing the details of date of purchase and sale, rate of purchase and sale, number of shares purchase and sold, number of shares company wise, purchase amount of shares, net capital gain loss etc. He has further noted that the Assessee has also not filed any copy of balance sheet or Profit and Los ..... X X X X Extracts X X X X X X X X Extracts X X X X
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