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TMI Blog2018 (11) TMI 387X X X X Extracts X X X X X X X X Extracts X X X X ..... gain declared by assessee as income from business or profession. Again from A.Y. 2011-12 and 2012-13 assessee had declared income under the head “Capital Gains”, which has been accepted by revenue authorities. We do not agree with reasoning of Ld.AO that since assessee travels to India there exist Permanent Establishment. Further it has been submitted by Ld.Counsel that order passed by Ld. CIT (A) for A.Y. 2008-09 and 2009-10 has not been appealed by revenue before this Tribunal, thereby accepted the long standing position taken by assessee. - decided against revenue - ITA No. 3414/Del/2015 - - - Dated:- 2-11-2018 - SMT. BEENA A PILLAI, JUDICIAL MEMBER AND SHRI MAHARISHI PRASHANT, ACCOUNTANT MEMBER For The Department : Sh. Surender ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AO observed that assessee during the year under consideration, entered into frequent transaction of sale and purchase of shares. He thus drew a presumption of assessee being engaged in business of trading in securities. 2.2. Ld. AO also observed that during Assessment Year (A.Y.) 2008-09 similar view was taken by then Ld.A.O., which was reversed by Ld.CIT(A) therein. He thus on the basis of assessment order passed for A.Y. 2008-09, made addition in the hands of assessee under the head Income from Business and Profession . 2.3. Aggrieved by order of Ld. AO, assessee preferred appeal before Ld. CIT (A) who deleted addition made by Ld. AO. 3. Aggrieved by order of Ld. CIT (A) revenue is in appeal before us now. 4. Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been accepted by revenue till A.Y. 2007-08, however only for A.Y. 2008-09 2009-10 Ld.A.O. treated capital gain declared by assessee as income from business or profession. Again from A.Y. 2011-12 and 2012-13 assessee had declared income under the head Capital Gains , which has been accepted by revenue authorities. We do not agree with reasoning of Ld.AO that since assessee travels to India there exist Permanent Establishment. Further it has been submitted by Ld.Counsel that order passed by Ld. CIT (A) for A.Y. 2008-09 and 2009-10 has not been appealed by revenue before this Tribunal, thereby accepted the long standing position taken by assessee. 6.1. It is also observed that there is no new facts that has been brought on record in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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