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TMI Blog2018 (10) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... come - CIT(A) and ITAT confirmed the additions - Held that:- AO was cognizant of the CBDT’s circular which outlined no less than ten elements which the Revenue authorities are to consider in appreciating, whether or not, capital gains reported by the assessee are in fact so or do they really amount to a business income. Having regard to the concurrent findings rendered on proper application of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income under several heads, which included capital gains etc. The Assessing Officer (AO), after considering the material on record, was of the opinion that the amount claimed as short-term capital gains really ought to be treated as business income. In so concluding, the AO took into account the nature of the share transactions and the irregularities. He also noted that the purchases were made ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appeal. Sh. Rajesh Mahna, learned counsel contends that the assessee was not primarily engaged in the activity of share business and rather was able to, with some research, read the five scrips in question and make strategic investment. It was submitted that the tests in question were wrongly applied by the Revenue authorities. Learned counsel relied upon CIT v. Vinay Mittal 2012 (208) Taxmann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee are in fact so or do they really amount to a business income. The said ten elements are as follows: "(i) Whether the purchase and sale of securities was allied to his usual trade or business/was incidental to it or was an occasional independent activity. (ii) Whether the purchase is made solely with the intention of resale at a profit or for long term appreciation and/or for earning dividends ..... X X X X Extracts X X X X X X X X Extracts X X X X
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