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TMI Blog2010 (1) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... d order as well as the orders of the lower authorities, we do not find any substance in such a plea. A finding of fact has been returned with regard to the nature of the loss in respect of the year in question after the Tribunal examined the material on record - It is obvious that such factual matters require examination in the context of the assessment year in question and the findings so recorded are relevant for that year - 726/2009 - - - Dated:- 7-1-2010 - MR. BADAR DURREZ AHMED and MR. SIDDHARTH MRIDUL, JJ. For the Appellant : Ms Rashmi Chopra For the Respondent : Mr O.S. Bajpai, Sr Advocate with Mr V.N. Jha and Mr Bibhuti Kumar Singh JUDGEMENT BADAR DURREZ AHMED, J - In this appeal filed by the revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easonable opportunity of being heard to the assessee. 3. It is thereafter that the Assessing Officer re-examined the matter and came to the conclusion that the shares were held as investment and the same were shown to be investments in Schedule-4 of the balance sheet. Similarly, it was also pointed out in the assessment order that the shares, which were held as stock-in-trade for the purposes of earning business income, had been separately reflected by the assessee in Schedule-5 of the balance sheet. Thus, going by the presentation of the accounts and the balance sheet given by the assessee itself, the Assessing Officer held that the shares in question were held by the assessee not as stock-in-trade, but as an investment and consequently, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... departmental representative. 5. The Tribunal, after examining the records of the case and on a comparative analysis of the presentation of the accounts of transactions done in the earlier years as well as the year in question, came to the conclusion that there had been no change in the fact situation with regard to the presentation of accounts. It was also found as a fact that the assessee had significant frequency in dealing with the shares and that the same really constituted stock-in-trade though they were shown as investment in the books of accounts. It was specifically noted that in the year in question, there were more than one hundred transactions in shares in which the loss had been incurred. The Tribunal found as a fact that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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