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TMI Blog2021 (7) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... there is nothing on record to show that the assessee was maintaining separate books of account for trading in shares and investment in shares. Further, the bonus units of shares were allotted to the assessee on 26.02.2004 and the same were sold by the assessee on 01.03.2005. Since the holding period is more than 12 months, the Tribunal has rightly come to the conclusion that the same has to be tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 03.2010 under Section 148. A notice under Section 142(1) was served on the assessee. The assessee is in the business of trading of shares, mutual funds, futures, options and money lending. The assessee filed the return of income for the Assessment Year 2005-06, 2008-09 and 2009-10 treating the gain arising from the sale of shares as short/long term capital gains. For the Assessment Year 2005-06, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30 days, the profit arising from such transactions should be considered as business income. 3. At the time of admission, the following substantial questions of law arose for consideration: 1. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that bonus units of Chola Freedom STF Units is to be treated as long term capital gains since the holding p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me has to be treated as long term capital gains. We do not find any error or irregularity in the findings of the Tribunal. 5. Mr. M. Swaminathan, learned senior standing counsel appearing for the appellant-Revenue submitted that no finding need be given in respect of the 2nd question of law and the same may be kept open. 6. As already the Tribunal has rightly decided the issue in favour of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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