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TMI Blog2016 (6) TMI 598X X X X Extracts X X X X X X X X Extracts X X X X ..... shares. Majority of the capital gain relied to shares held for more than 60 days. Appellate Tribunal was justified in holding that transaction in shares made within a short period was Short Term Capital Gains and not Business Income as treated by the Assessing Officer - Decided against revenue - TAX APPEAL NO. 418 of 2016 - - - Dated:- 7-6-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of Income Tax Appellate Tribunal ('the judgment' for short) dated 16.10.2015 raising following question for our consideration. Whether on the facts and circumstances of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.81 Crores and additional subsidiary ground attached by the Assessing Officer was that there were certain discrepancies in the details filed by the assessee alongwith the return and those supplied during the course of assessment. He also referred to the period of holding of certain shares. 3. The assessee carried the matter in appeal before the Commissioner who relied on the assessment proceedings of the previous years, allowed the appeal. The Revenue carried the matter in appeal before the Tribunal. Such appeal was however dismissed by the Tribunal making following observations: 7. We have heard the rival submissions and perused the material on record. The issue in the present case is whether the profit earned on sale of shares i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ason to interfere with the order of ld. CIT (A) and thus the ground of Revenue is dismissed. 4. We are of the opinion that the Tribunal has correctly applied the principles laid down by series of judgments by this Court and the Hon'ble Supreme Court laying down guidelines for ascertaining whether in case of certain assessee buying or selling of shares is done by way of investment. These tests have to be applied cumulatively. The Tribunal noted that the assessee had a history of being investor. The activity of transactions relied only to five strips. All transactions were delivery base. The assessee had not termed the activity of sale and purchase on daily basis. The assessee had showed the shares by way of investments in the books ..... X X X X Extracts X X X X X X X X Extracts X X X X
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