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TMI Blog2014 (5) TMI 622X X X X Extracts X X X X X X X X Extracts X X X X ..... e principle of consistency should be followed and the parties should not be allowed to register departure from the existing position time and again – also in CIT VS. Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] (Bom) it was held that income from shares as Business income on the basis of the rule of consistency - the view taken by the AO on similar issue has been reversed by the CIT(A) and no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged in the business of purchase and sale of shares, debentures, stock bonds and securities. The assessee did both delivery based and non-delivery transactions in shares. A sum of Rs. 5,416/- was declared as Short Term Capital Gain and a sum of Rs. 24,79,318/- was reported as Long Term Capital Gain exempt u/s 10(38) of the Act. Non-delivery based transactions were characterized by the assessee as ` ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of this appeal ex-parte qua the assessee. The entire dispute centres around the characterization of profit of Rs. 24.79 lac earned by the assessee from sale of shares held for a period of more than one year. In this connection, it is relevant to note that for the immediately preceding three assessment years, namely, 2005-06, 2006-07 and 2007-08, the AO adopted similar approach as in the year un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the like manner, the Hon ble Bombay High Court in CIT VS. Gopal Purohit (2011) 336 ITR 287 (Bom) has held income from shares as Business income on the basis of the rule of consistency. Since, the view taken by the Assessing Officer on similar issue has been reversed by the ld. CIT(A) and no material has been brought on record by the ld. DR to demonstrate that the Tribunal tinkered with such view ..... X X X X Extracts X X X X X X X X Extracts X X X X
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