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TMI Blog2019 (4) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... . Firstly the question of nature of assessee's activities of buying and selling of shares being speculative in nature with special reference to Explanation 73 was not an issue at all. We therefore do not permit the Revenue to raise such a contention for first time in this Appeal before the High Court since this issue can at the be considered as one of the facts and law. The second thing whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal relate to the applicability of Explanation to Section 73 of the Income Tax Act, 1961 in relation to the RespondentAssessee which is a limited company. At the outset we may record that such an issue had never been raised by the Revenue in the earlier stage of the litigation. The real controversy between the parties all along has been with respect to a gain earned by the RespondentAssessee out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the head LTCG. Shares of first two companies and the last company i.e. except the shares of Reliance Communications Ltd.) were acquired in the month of January 2006 and were sold in the Month of Sept./July, 2007 and February, 2008 respectively. Shares of Reliance Communications Ltd. Were purchased in May, 2006 and were sold on 13.02.2008. In our opinion, the FAA had rightly held that the sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red as one of the facts and law. The second thing which emerges from the Judgment of the Tribunal is that the Tribunal had noted relevant facts applying correct parameters to come to a conclusion that in relation to the shares held by the assessee in excess of one year the intention was to invest in shares and not to engage itself in business of buying and selling the shares. 4 No question of l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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