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TMI Blog2011 (5) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... assed by the CIT(A) on 18.02.2010 in relation to A.Y. 2006-07. 2. The only issue raised in this appeal is against the holding by the learned CIT(A) that profit from sale transaction in shares be treated as capital gain instead of business income assessed by the A.O. 3. Briefly stated facts of the case are that the assessee, at the material time, was partner in various partnership firms from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h shares should have been held for a longer period earning regular dividend. He, therefore, treated the short term capital gain of ₹ 13.86 lakhs as chargeable to tax under the head profits and gains of business of profession . The learned CIT(A) overturned the impugned order on this issue. 4. After considering the rival submission and perusing the relevant material on record it is notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reatment was given by the assessee to profit arising from sale and purchase of shares in assessment years 2007-08 and 2008-09 as well. Copies of the Balance Sheet alongwith computation of income, etc. have been placed on record. Assessee s case for A.Y. 2008-09 was taken up for scrutiny assessment under section 143(3) and the income from shares has been accepted as chargeable to tax under the head ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... over and over again. These facts indicate that the assessee was holding the shares as investment and no stock-in-trade. Recently the Hon'ble jurisdictional High Court in CIT vs. Darius Pandole (2011) 330 ITR 485 has held that once income from sale of shares has been treated as business income in an earlier year by way of assessment under section 143(3), in the next year it cannot be taken as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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