9911796707
TMI Blog2014 (6) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... f two Appeals by the Assessee directed against the Orders by the Commissioner of Income Tax (Appeals)-8, Mumbai ('CIT(A)' for short) dated 05.11.2012, partly allowing the assessee's appeals contesting its assessments u/s.143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) for the assessment years (A.Ys.) 2007-08 and 2009-10. 2. The principal issue in these appeals is the nature of the gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 14.08.2013). For all the said years, the tribunal has taken a consistent view that the assessee is in respect of the shares held and disclosed by him as an investment in his accounts, to be treated as an investor, so that the same are capital assets, yielding capital gains, whether long-term or short-term, i.e., depending upon the period of holding. Further, the Revenue has in fact accepted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income. We are conscious that the assessee's disclosure in accounts is, though relevant, not conclusive by itself, and a number of relevant parameters, viz. regularity, frequency, volume, trading and financing pattern, etc., also specified by the Board per its Circular, are required to be looked into to determine the nature of an asset, which is thus primarily a factual matter. However, we are n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iness income. We decide accordingly. 5. The only other issue arising in the instant appeals is per Gd. No. 2 for A.Y. 2007- 08, i.e., qua disallowance u/s. 14A. The same was specifically not pressed by the ld. AR during hearing. The same is accordingly dismissed as not pressed. We decide accordingly. 6. In the result, the assessee's appeal for A. Y. 2007-08 is partly allowed, and that for A.Y. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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