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TMI Blog2019 (1) TMI 524X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 months shall be treated as short term capital gain. Therefore, in the light of the said provisions of the Act, the Assessing Officer cannot say that why the shares were held for less than 12 months. Moreover, shares applied through IPOs are directly allotted in the DEMAT account and if subsequent sale has to be made through DEMAT account. There is no dispute that the Security Transaction Tax paid by the assessee was never claimed as expenditure. - decided against revenue. - ITA No. 2633/DEL/2013 - - - Dated:- 12-12-2018 - Shri N.K. Billaiya, Accountant Member, And Shri Kuldip Singh, Judicial Member For the Assessee : Shri Ved Jain, Adv, Smt. Sorbhi Goyal, CA Shri Rishabh Jain, CA For the Revenue : Shri J. K. Mishra, CIT- DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erm capital gain as business income of the assessee. 5. Aggrieved, the assessee carried the matter before the CIT(A) and reiterated what has been stated during the course of assessment proceedings. 6. After considering the facts and submissions, the CIT(A) held as under: I have considered the assessment order and the written submissions of the ld. AR. The appellant company during the year under consideration has only acquired these shares through IPOs, taken delivery then sold wherever it got the opportunity. The appellant company has treated these share acquisition sale as investment in books of accounts has not claimed security transaction tax as business expenditure, the Assessing Officer has not proved the frequency of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e following : 1. IDFC 2. SUZLON 3. ICICI 4. GSPL 5. IMOX 10. This shows that the assessee never purchased shares from open market. When the shares were allotted, the assessee waited for the right opportunity and sold the shares thereby making profits which were returned as short term capital gain. It is not the case of the Assessing Officer that the assessee has been consistently buying and selling shares of the same company or companies. The only grievance of the Assessing Officer is that the assessee sold the shares in a very short span of time. This objection of the Assessing Officer is not acceptable when law itself provides that profits on shares held for less than 12 months shall be treated as short term capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X
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