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TMI Blog2014 (12) TMI 566X X X X Extracts X X X X X X X X Extracts X X X X ..... – Held that:- The Tribunal rightly followed the decision of the same assessee being decided earlier in Assistant Commissioner of Income-tax Versus Stargate Investments (P.) Ltd. [2010 (8) TMI 699 - ITAT, CHENNAI] wherein it has been held that the shares held by the assessee was long term investment and there was no basis to treat it as stock in trade of the assessee company - the shares were held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the head capital gains , thereby, entitling for relief u/s 10 (38) of the Income Tax Act, 1961? 2) Whether on the facts and in the circumstances of the case, the Tribunal was right in not considering the fact that transaction of sale and purchase of shares is in line with assessee's business and, hence, amounts to adventure in the nature of trade? 2. The respondent assessee is engag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/Mds/2009 dated, allowed the assessee's claim holding that the assessee is entitled to claim exemption under Section 10 (38) of the Act. The CIT (Appeals) was of the view that the shares held by the assessee were in the nature of capital asset and not stock in trade. 4. Aggrieved against the said order of the CIT (Appeals), the Revenue filed appeal before the Appellate Tribunal. The Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is of the considered opinion that there is no reason to differ from the finding of fact recorded by the CIT (Appeals) and the Tribunal in the present case, as the same is only a sequel to the earlier order in ITA No.1400/Mds/2009 in respect of the assessee's own case for the assessment year 2006-2007, wherein similar relief was granted in favour of the assessee. 7. Though a plea has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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