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TMI Blog2017 (1) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid concurrent finding of fact arrived at by the CIT(A) and the Tribunal that the respondent assessee was an investor in respect of short term capital gain declared by her for the subject Assessment year not being shown to be perverse calls for no interference. No substantial question of law. - Income Tax Appeal No. 906 of 2014 - - - Dated:- 16-1-2017 - M. S. Sanklecha And A. K. Menon, JJ. Mr. A. R. Malhotra a/w. Mr. N.A. Kazi for the Appellant ORDER P. C. 1. This Appeal under Section 260A 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 2008-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of some scrips. (d) She utilised her own surplus funds for investing in shares and had not borrowed any money from external sources for investing. (e) For earlier Assessment years i.e. 2007-08 and 2008-09 she was assessed to tax as an investor. (f) On the aforesaid facts, the CIT(A) recorded that the tests laid down in instruction no. 1827 dated 31st August, 1989 and instruction dated 16th May, 2006 issued by the Central Board of Direct Taxes to distinguish between shares held in stock in trade and shares held as investment stood satisfied. Accordingly, the respondent-assessee's appeal was allowed. 5. Being aggrieved the Revenue carried the issue in appeal to the Tribunal. The impugned order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue does not carry the matter any further. This for the simple reason the table which has been reproduced in the impugned order and on which reliance is placed gives the details of aggregate purchases and dividend received and not those relatable to short term capital gain only. Moreover, it is to be noted so far as long term capital gains are concerned, character of the respondent-assessee as an investor has been accepted by the Assessing Officer. 8. Therefore, in view of the aforesaid concurrent finding of fact arrived at by the CIT(A) and the Tribunal that the respondent assessee was an investor in respect of short term capital gain declared by her for the subject Assessment year not being shown to be perverse calls for no in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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