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TMI Blog2014 (7) TMI 1177X X X X Extracts X X X X X X X X Extracts X X X X ..... ndings recorded by the authorities and the Tribunal in respect of assessment years 2005-06 and 2006-07, we do not see any reason to interfere that the shares shown as investment in balance sheet, were actually stock in trade. He also observed that shares of five companies were purchased and sold within a span of a few days. - C.M No. 10138/2014 in ITA 300/2014, C.M No. 10139/2014 in ITA 301/2014, C.M No. 10140/2014 in ITA 302/2014, C.M No. 10185/2014 in ITA 304/2014 - - - Dated:- 28-7-2014 - Sanjiv Khanna And V. Kameswar Rao, JJ. For the Petitioner : M. P. Rastogi, K. N. Ahuja For the Respondent : Kamal Sawhney ORDER Exemption allowed, subject to all just exceptions. Applications stand disposed of. ITA 300/2014 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... investment. Similarly, shares of another company were sold within two and a half months. The Assessing Officer has further recorded that the assessee had made purchases of shares of 52 companies during the financial year in question. Thus, in all the assessee had held shares of 66 companies at one time or the other during the period one year. Shares of 43 companies were completely sold during the assessment year and shares of 12 companies were partly sold during the assessment year. These facts speak and show that the assessee during the assessment year was trading in the said shares throughout the year. Looking at the number of transactions, the nature and manner in which sale and purchase were conducted; the findings of the authoritie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not see any reason to interfere. Learned counsel for the appellant-assessee has submitted that for assessment years 2007-08 and 2008-09, the facts have not been considered. He has filed before us a chart of the total number of transactions subject matter of short term capital gains in the two years and submits that the quantum of transactions itself would justify the claim and the case of the appellant assessee. He pleads that a specific ground has been taken that the facts relevant for the assessment years 2007-08 and 2008- 09 have not been examined by the tribunal. Issue notice in ITA Nos.300/2014 and 304/2014 pertaining to assessment years 2008-09 and 2007-08, returnable on 24th September, 2014. Notice is accepted by Mr.Kamal S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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