2014 (4) TMI 317

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..... ys valued by assessee at cost, thereafter, foregoing the advantage of notional loss or profit on diminution of market value of shares - Whether the income arose from business or from out of short term capital gain is not a pure question of law, but it is a mixed question of fact and law - the Tribunal after considering the facts and circumstances arrived at the findings – thus, there is no such mi .....

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..... t cost, thereafter, foregoing the advantage of notional loss or profit on diminution of market value of shares. It is also a fact that as per the provisions, the assessee made payment of STT but did not claim any rebate u/s.88E of the Act for the reason that it is not a trader . The other important reason advanced by the learned Tribunal was that in the past that all such transactions were trea .....

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..... y the learned Tribunal that previously such income was treated as short term capital gain is, as such, not tenable. We have considered the submissions advanced by Mr. Bhowmick. Whether the income arose from business or from out of short term capital gain is not a pure question of law, but it is a mixed question of fact and law. The learned Tribunal after considering the facts and circumstances .....

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