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TMI Blog2015 (11) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... ether the Assessee was also a trader in shares apart from being an investor. That conclusion was required to be arrived at by the CIT (A) after re-examining the matter in the light of the issues highlighted by the ITAT. The CIT (A) should have been given a free hand to arrive at an independent decision uninfluenced by the observations of the ITAT on merits. Accordingly, the impugned order of IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2000, 6806/Del/2010 and 4946/Del/2011 for the Assessment Years ( AYs ) 2006-07, 2007-08 and 2008-09 respectively. 2. The common issue involved in the appeals before the ITAT was the action of the Commissioner of Income Tax (Appeals) [CIT (A)] in treating the income of the Appellant Assessee as short term capital gains and long term capital gains instead of business income as determined by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eport from the AO, accepted the plea of the Assessee that in some of the instances, even though the volumes were heavy, the period of retention was such that the the trading in shares could be viewed as a business activity. 6. In the impugned order the ITAT has while remanding the case back to the CIT (A) observed that the question as to whether income from PMS was in the nature of capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for Assessee that the ITAT appears to have prejudged the issue whether the Assessee was also a trader in shares apart from being an investor. That conclusion was required to be arrived at by the CIT (A) after re-examining the matter in the light of the issues highlighted by the ITAT. The CIT (A) should have been given a free hand to arrive at an independent decision uninfluenced by the observ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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