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TMI Blog2017 (4) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... nt portfolio to the extent of ₹ 1.46 Crores as short term capital gains. This on the basis that the intention of the Respondent Assessee was to invest in shares and not trade in shares to the extent of Rs..1.46 Crores allowed under the head 'capital gains'. We find that both the CIT(A) and the Tribunal have come to a concurrent finding of fact that an amount of ₹ 1.46 Crores is taxa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 21st February, 2014 is in respect of Assessment Year 2006-07. 2 The Revenue urges the following question of law for our consideration: Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in law in holding that the income earned by the Assessee was liable to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer accepted the claim made by the Respondent Assessee under the head 'long term capital gains'. 4 Being aggrieved, the Respondent Assessee filed an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. By order dated 27th November, 2009, the CIT(A), partly allowed the appeal. This on the application of the tests laid down in CBDT Circular No.4 of 2007 dated 15th June, 2007 as we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upheld the finding of the CIT(A) in its entirety. This on application of the tests laid down in CBDT Circular No.4 of 2007. It further recorded a finding that in view of the frequency, volume of transactions and treatment given in the books of account and balance sheet along with the fact that dealing in shares were entirely on delivery basis, in respect of its investment portfolio to the extent o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal, was not correct. Moreover, the Revenue has not been able to point out that the concurrent finding of fact arrived at by the Tribunal on application of the CBDT Circular No.4 of 2007 dated 15th June, 2007 is perverse in any manner. 7 In the above circumstances, as the concurrent finding of fact arrived at by the CIT(A) and the Tribunal, has not been shown to be perverse, no substantial ..... X X X X Extracts X X X X X X X X Extracts X X X X
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