2009 (12) TMI 962

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..... From the following observations contained in para 6 of the order of the Income Tax Appellate Tribunal (ITAT), it is abundantly clear that the decision rests on the finding of fact, which were arrived at by the CIT(A) and affirmed by the ITAT. "6. We have heard the parties and have perused the material on record. Undisputedly, the shares sold by the assessee in the year under consideration had .....

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..... trading purposes. As per the AO, he did not give any forceful reason for treating the profit/loss arising from the sale of shares as profits and gains of the assessee from business or profession. The learned CIT (A), in our view, correctly appreciated this factual matrix and it was only thereupon he ordered the AO to tax the profit/loss on sale of shares during the year as capital gain and not as .....

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