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TMI Blog2015 (2) TMI 934X X X X Extracts X X X X X X X X Extracts X X X X ..... is filed by the Revenue against the order of CIT (A)- XI, Ahmedabad dated 22-1-2009 for the assessment year 2005-06. 2. In this appeal the Revenue has raised following grounds:- "1. The Ld. CIT (A)-XI, Ahmedabad has erred in law and on facts in directing to treat the income of Rs. 2,95,44,976/- as long term capital gain instead o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -. Thereafter the case was selected for scrutiny and the assessment was completed on 26-12-2007 determining the total income at Rs. 2,95,05,540/-. The assessee is an individual deriving income from salary, trading activity in shares and securities and capital gain from investment in shares etc. The A.O. made the additions on account of long term capital gain of Rs. 2,95,44,976 and on account of sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee submitted counter comments as per letter dt.17-5-2008 (both placed on record in the form of paper book at pages 41 to 52). Again during the course of appellate proceedings which took place on 29-7-2008 and the hearing was adjourned to 31-7-2008 and then on1-8- 2008 and the assessee was asked to submit some more details. Assessee again vide letter dt. 17-9-2008 filed counter comments (pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). 7. We have heard the rival contentions perused the material on record. We have also gone through the paper book and relevant decisions cited by both the parties. The intention of holding shares for a long period as investment does not amount to business income. The CIT has also dropped the proceedings initiated u/s. 263 of the I.T. Act in the immediately preceding assessment year 2004-05 on si ..... X X X X Extracts X X X X X X X X Extracts X X X X
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