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TMI Blog2019 (11) TMI 351X X X X Extracts X X X X X X X X Extracts X X X X ..... ion stating that the delay has occurred on account of the advice given by the Chartered Accountant to file a rectification petition before the Ld.CIT(A). However, on the advice of another Sr.Chartered Accountant, the appeal was filed before the Tribunal with the delay of 28 days. He submitted that the delay was on account of pursuit alternative remedy which constitutes the reasonable cause for delay in filing of the appeal. On the other hand, the Sr.DR has not raised any serious objection in condoning the delay. In these circumstances, we condoned the delay of 28 days in filing of the appeal and proceed to dispose of the appeal on merits. 3. The assessee raised the following grounds of appeal: 1. For that the order of the Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e or during the hearing of the appeal with the leave of this respectful authority, may be pleased to a) Allow the exemption U/s.10(38) of the I T Act, 1961 on the Long Term Capital gains of Rs. 4,81,80,386/-; OR b) Treat the capital gains as Short term capital gains on sale of equity shares of Rs. 4,81,80,386/-; OR c) Pass such other orders as this respectful authority may deem fit. 4. Briefly the facts of the case are that the assessee is an individual deriving income from investments. The return of income for the AY 2013- 14 was filed on 29.09.2013 disclosing income of Rs. 4,65,400/-. Against the said return of income, the assessment was completed by the AO vide order dated 29.03.2016 passed u/s.143(3) of the Act denying the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO further observed that the purchase of shares was debited to the P&L A/c. However, this was explained that this was an accounting error. However, no evidence was filed to show that the contention of the assessee is only to hold the shares as capital asset not as stock in trade. The Circular No.6/2016 dated 29.02.2016 specifically states that where the assessee itself opts to treat the shares as a stock in trade irrespective of the period of holding listed the shares, the income arising from the transfer of such shares could be treated as a business income. In the present case, though the assessee disputes the treatment given in the books of accounts but admittedly fact remains that the shares were shown as a part of stock in trade and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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