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TMI Blog2019 (3) TMI 1108X X X X Extracts X X X X X X X X Extracts X X X X ..... ins - whether mere demarcation of holding shares for less than 30 days or more cannot be conclusive or even in a given case the determinative factor? - HELD THAT:- The facts on record would suggest that during the period relevant to assessment year 2007-08, which is under consideration, the assessee had executed as many as 106 transactions of buying and selling shares within less than 30 days. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal’s finding. No question of law arises - Income Tax Appeal No. 155 of 2017 - - - Dated:- 12-3-2019 - AKIL KURESHI AND SARANG V. KOTWAL, JJ. Mr. Subhash Shetty i/by Mr. Atul Jasani for the Appellant. Mr. Ashok Kotangle with Mr. Prabhakar Ranshur for the Respondent. P.C.: 1. Assessee has filed this appeal against the judgment of the Income Tax Appellate Tribunal raising ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertains to the decision of the Tribunal treating the assessee s receipt from sale of shares held by him for less than 30 days, as his business income. 4. The materials on record would suggest that assessee is mainly engaged in the business of trading of diamonds. The assessee also engaged himself in buying and selling shares. The Assessing Officer and CIT (Appeals) on the basis of the frequency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as considered the relevant parameters and came to the conclusion which calls for no interference. 7. At the outset, we may record that learned counsel for the assessee is correct in contending that the mere demarcation of holding shares for less than 30 days or more cannot be conclusive or even in a given case the determinative factor. However, in the present case, we must appreciate the ess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng them for a period ranging between two months to upto 200 days. It was also noticed that the assessee was indulging intraday transactions without taking delivery of the shares which gave rise to the assessee s speculative income. 9. When seen in totality of the facts and circumstances of the case, one cannot find fault to the Tribunal s conclusion that the assessee was not purely an investor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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