9911796707
TMI Blog2016 (11) TMI 1601X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts, assumes significance. The Officers are prevented from changing the head of income for taxing the said gains arbitrarily and without having contrary evidence against the assessee. The said Circular No. 6/2016 enlists certain conditions and the Revenue Authorities are required to examine the said Circular (supra) closely and adjudicate this issue after grating a reasonable opportunity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant : Shri Hari S. Raheja For The Respondent : Shri Akhilendra Yadav, DR ORDER PER D. KARUNAKARA RAO, AM: This appeal filed by the assessee on 28.1.2016 is against the order of the CIT (A)-32, Mumbai dated 20.11.2015 for the assessment year 2006-07. 2. In this appeal, assessee raised five grounds in toto and they revolve around the solitary issue relates to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh adjudication in the light of the said Circular No. 6/2016 (supra). 4. We have heard both the parties and perused the orders of the Revenue Authorities as well as the relevant material placed before us. On perusal of the facts as well as the said Board Circular (supra), we find, the option of the assessee in matters of the claim relating to the profits / gains on sale of shares based on the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Circular (supra) ie bogus claims or sham transactions / questionable transactions are involved. The Revenue Authorities are required to honour the books of account and the entries therein pertaining to the shares. If the assessee opts certain transactions of purchase and sale of shares in the books of account as stock-in-trade, business income constitutes appropriate head of income in such cases ..... X X X X Extracts X X X X X X X X Extracts X X X X
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