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TMI Blog2010 (1) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... of gathering intention of the assessee - held that - delivery based transactions in the present case, should be treated as those in the nature of investment transactions and the profit received therefrom should be treated either as short term or, as the case may be, long term capital gain, depending upon the period of the holding. A finding of fact has been arrived at by the Tribunal as regards th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether, on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified in treating the income from sale of 7,59,003 shares for Rs. 5,00,12,879/ as an income from short term capital gain and sale of 3,88,797 shares for rs.6,65,02,340/ as long term capital gain as against the "Income from business" assessed by the A.O.? b) Whether, on the facts and circumstances of the case a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the assessee was engaged in two different types of transactions. The first set of transactions involved investment in shares. The second set of transactions involved dealing in shares for the purposes of business (described in paragraph 8.3 of the judgment of the Tribunal as transactions purely of jobbing without delivery). The Tribunal has correctly applied the principle of law in accep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so far as Question (b) is concerned, the Tribunal has observed in paragraph 8.1 of its judgment that the assessee has followed a consistent practice in regard to the nature of the activities, the manner of keeping records and the presentation of shares as investment at the end of the year, in all the years. The revenue submitted that a different view should be taken for the year under considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot conclusive in determining the nature of income. The Tribunal has applied the correct principle in arriving at the decision in the facts of the present case. The finding of fact does not call for interference in an appeal under Section 260A. No substantial question of law is raised. The appeal is accordingly dismissed. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.) - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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