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TMI Blog2016 (9) TMI 335X X X X Extracts X X X X X X X X Extracts X X X X ..... y the impugned orders have held that the respondent assessee is an Investment Company. Further it is held that in respect of the shares in Lok Housing, which were sold during the subject assessment year giving rise to capital gains of 25.54 lakhs, the income was chargeable to tax under the head “Capital Gains” as the respondent assessee was not a Trader in shares. The aforesaid facts were found by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income Tax Act, 1961 (the Act) challenges the order dated 11th September, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 200809. 2. The Revenue has urged following question of law for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after sold. However, the Assessing Officer in his assessment order dated 10th December, 2010 held that the aforesaid gain in sale of shares in Lok Housing are to be charged to tax as Business Income. This was on the basis of the period of holding of shares in M/s. Lok Housing from the date of it being converted to demat. 4. Being aggrieved, the respondent assessee carried the issue in appeal. By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finding of fact that the respondent assessee is an Investment Company and not a Trader in shares. In the aforesaid circumstances, the order of the Assessing Officer dated 10th December, 2010 was set aside and the amount of ₹ 25.54 lakhs was brought to tax under the Short Term Capital Gains. 5. Being aggrieved, the Revenue carried the issue in appeal to the Tribunal. The Tribunal on consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not been able to show how and why the findings arrived at by the CIT(A) and the Tribunal are in any manner perverse and / or arbitrary. Two Authorities have concurrently come to a finding of fact that the respondent assessee is an Investment Company and the shares of Lok Housing were held for over a period of four to seven months from the date of their conversion into Demat form. Thus, the que ..... X X X X Extracts X X X X X X X X Extracts X X X X
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