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TMI Blog2014 (5) TMI 321X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Rs.1 lakh indirectly from someone to pay for the purchase price of shares on 04.01.2007 - The amount was paid on 05.01.2007 and on the same day the shares were transferred to her DMAT account - the shares appear to have been sold on 10.01.2007 - the transaction was a solitary one, is justified - The conclusion of the AO and the CIT(A) that the profit derived was not a short-term capital gain but in reality a business perhaps a short-term one-engaged in by the assessee cannot be faulted at all – thus, the order of the Tribunal is set aside and the matter is remitted back to the AO – Decided in favour of Revenue. - ITA No. 1304/2011 - - - Dated:- 1-4-2014 - S. Ravindra Bhat And R. V. Easwar,JJ. For the Appellants : Mr. Kamal Sawh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not be termed as her business income ? an expression which had wide connotations implying its continuance. It is contended by the revenue that the impugned order is in clear error because the Tribunal overlooked material findings of the CIT (Appeal) in respect of the transaction in question. Learned counsel emphasises that the company in respect of which the shares were purchased and sold was not one either to be considered as popular nor one attracting investors to result in a bona fide transaction. The counsel submitted that the discussion by the CIT (Appeal) clearly shows that the assessee had in effect acquired the shares just in few days before the sale and in the circumstances the profit from its sale could not be treated as shor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reafter from Zuarl Investment Ltd. vide transaction numbered 1016336. The sale of shares had taken place vide transaction numbered 1016574, 1016614 and 1016661 just after the purchase. The shares (STT paid) were sold within five days from the date of actual payment/ purchase and delivery. The holding therefore, is hardly for five days. The transactions detail Issued by the NSDL is enclosed here with as annexure-B. iii) This is the first year of purchase and sale of enquiry shares and the assessee claimed that she has not carried out such activity in the preceding and or subsequent years. This Court is of the opinion that even though the Tribunal has made an exhaustive discussion of the law as to what kind of transaction would amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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