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TMI Blog2016 (11) TMI 1601X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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 decision of the AO / CIT (A) in taxing the earning on sale of shares of Talent Infoway Ltd involving some disputes un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 entries in the books of accounts, assumes significance. Further, the Officers are prevented from changing the head of incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. In such case, it is pertinent for the AO to not to disturb the head of income. Considering the above, all th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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