9911796707
TMI Blog2019 (4) TMI 1122X X X X Extracts X X X X X X X X Extracts X X X X ..... giving rise to capital gain. We do not find that the Tribunal has committed any error. Assessee also relied on the CBDT Circular dated 29/02/2016, which also supports Tribunal s decision. In the circular the CBDT had clarified that in relation to shares held for more than 12 months, which are listed shares, if the assessee wishes to treat them as investments giving rise to capital gain upon sale, the department would not dispute the same as long as the assessee follows the same pattern subsequently. Income Tax Appeal is dismissed. - INCOME TAX APPEAL NO.40 OF 2017 - - - Dated:- 1-4-2019 - AKIL KURESHI And SARANG V. KOTWAL, JJ. Mr. A.K. Saxena, Advocate for Appellant. Mr. H.R. Shah, Advocate for Respondent. ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 12.97 crores. The AO at page 11 of the order had noted the order of SEBI wherein it has been found that the promoter of Pyramid Saimira had forged letter for rigging the share price. From the perusal of the SEBI order, it is seen that the said order is dated 16.04.2009 and the alleged rigging of the sale price has been done in the month of December, 2008, whereas the assessee had already sold its shares before the month of March, 208, hence no adverse inference of such an event can be drawn. In any case, the AO and CIT(A) have based their order on the issue of treatment of long term capital-gain as 'business income'. As pointed out earlier, the assessee had purchased the lot of shares of Pyramid Saimira through IPO and once ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground no.1 2 are treated as allowed. 3. Perusal of the documents on record would show that the Tribunal took into account relevant factors to come to the conclusion that the sale proceeds were in the nature of capital gain. These relevant factors were that the assessee had received such amounts upon sale of three scripts and in particular one of M/s Pyramid Saimira. The assessee had purchased such shares and held them for over 12 months. Against the locking period of one year, the assessee had held shares for 17 months before sale. The assessee had not utilized any borrowed funds for such purchase and that in the earlier yeras, the Assessing Officer had accepted the sale of shares giving rise to capital gain. We do not find that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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