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TMI Blog2016 (11) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... carried out the business activity out of its own funds and the authorities have also rendered a finding of fact that the transactions are not large nor so frequent so as to hold that the respondent assessee was a trader in shares. The finding of fact arrived at both by the CIT(A) as well as the Tribunal for the subject assessment year that the respondent assessee was an investor in shares out o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal was justified in relying on the decision of jurisdictional High Court in the case of Commissioner of Income Tax Vs. Gopal Purohit (2010), 336 ITR 287 and Mumbai Tribunal's decision in the case of Sri. Hardik Bharat Patel Vs. DCIT (ITA No.227/Mum/2011) wherein it has been held that principle of consistency should be followed and the profit from transfer of shares should be accepted in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing Income Tax Appeal No. 869 of 2014 was admitted on 18th October, 2016 on the following reframed substantial question of law. Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing the Assessing Officer to treat the profit arising on the frequent and voluminous transactions carried out with borrowed funds in shares as Short Term Capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions in the subject assessment year were frequent and voluminous or whether they were carried out with borrowed funds as was the case in the appeal relating for Assessment Years 2005-06 and 2006-07. Mr. Suresh Kumar, learned Counsel for the Revenue points out that the Commissioner of Income Tax (Appeals) has in the subject assessment year rendered a finding of fact that the investment activity ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he subject assessment year that the respondent assessee was an investor in shares out of its own funds and considering the volume and frequency of purchase / sale of shares is not a trader has not been shown to be perverse by the Revenue. In the above view, the question as proposed by the Revenue does not give rise to any substantial question of law. Hence, not entertained. 10. Accordingly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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