2013 (1) TMI 883

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..... eard Sri Shambhu Chopra, Senior Standing Counsel for the appellant and Sri Shakeel Ahmad, the counsel for the respondent. 2. This appeal has been filed, under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) from the order of Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow (hereinafter referred to as the Tribunal) dated 08.01.2010, passed in Income .....

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..... The appeal relates to the assessment year 2004-05. Shri Sunil Kumar Gupta (the assessee) filed Income Tax Return on 26.10.2004, in individual capacity, showing his gross income of ₹ 59,61,230/- which was processed on the returned income on 29.12.2004. The assessee is a member of U.P. Stock Exchange Association Ltd. Kanpur and has declared income from dealing in shares and securities and a .....

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..... sale of these shares was his long term capital gain and not his business income as such this amount could not be added in his income in the assessment year. 4. The Assessing Officer by order dated 22.12.2006 held that purchase and sale of the share is the main business of the assessee and not an independent activity as such income derived from sale of the share in the relevant year was the incom .....

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..... was purchase and sale of shares as such the income derived from it was income from the business of the assessee and the CIT (A) and the Tribunal has wrongly treated this income as long term capital gain. The orders of the CIT (A) and the Tribunal are illegal and liable to be set aside. 6. We have considered the arguments of the counsel for the parties. There is no dispute that the assessee had p .....

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..... by the Division Bench of this Court in Income Tax Appeal No. 201 of 2010 by judgment dated 14.12.2012. The controversy has already been settled by this Court. The Senior Standing Counsel could not point out any distinguishing feature for not following the aforesaid judgments. 7. As a result of the aforesaid discussion the appeal has no force and is dismissed.
Case laws, Decisions, Judgements .....

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