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TMI Blog2016 (2) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... hort term and long term capital gains has to be assessed under the respective heads as claimed by assessee and not business income. Further, the assessee has consistently shown short term capital gain/short term capital loss as well as long term capital gain/long term capital loss in all these years. In fact, the gross long term capital gain earned by assessee is over ₹ 16.72 lakh which indicates that assessee has been a long term investor in shares. In view of above CIT(A) was justified in directing to assessee long term capital gain under respective heads. This reasoned factual finding of CIT(A) need not interference from our side. We uphold the same. - Decided against revenue - ITA. No. 7159/Mum/2013 - - - Dated:- 13-11-2015 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer ask the assessee to explain as to why such capital gain should not be tax as business income. Assessing Officer after considering the submissions on behalf of assessee treated the short term capital gain of ₹ 38,67,267/- and long term capital gain of ₹ 10,59,831/- as business income of assessee and added the same to the total income of assessee. 2.1 Matter was carried before first appellate authority where various contentions raised on behalf of assessee to justify its claim of short term capital gain and long term capital gain in respect of income from shares. Having considered the same CIT(A) granted relief to the assessee as claimed. Same has been opposed on behalf of revenue inter alia submitted that CIT(A) err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there was no reason to consider such transaction long term capital gain as assessee s business activities. The liquidating of investment with a view to minimize the losses when the share market is showing volatility could not be considered as business without attributing churning in same shares. The Assessing Officer observed few transactions wherein the assessee has incurred losses and attributed this fact to the assessee intention to carry on business without waiting for the return in the long term. Assessing Officer failed to appreciate that value of closing investment at cost is more than the market value. It is not the case assessee has been trying to liquidate all the investments. 4. Over all intention of assessee has to be liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s CIT(A) appeal was justified in observing that income return by assessee short term and long term capital gains has to be assessed under the respective heads as claimed by assessee and not business income. Further, the assessee has consistently shown short term capital gain/short term capital loss as well as long term capital gain/long term capital loss in all these years. In fact, the gross long term capital gain earned by assessee is over ₹ 16.72 lakh which indicates that assessee has been a long term investor in shares. In view of above CIT(A) was justified in directing to assessee long term capital gain under respective heads. 6. This reasoned factual finding of CIT(A) need not interference from our side. We uphold the same. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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