2010 (6) TMI 405

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....antial questions of law :"(a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in not upholding the action of the Assessing Officer of treating the loss on sale of shares as capital loss ignoring the fact that instead of showing the shares as `stock-in-trade' in the balance-sheet it was shown by the assessee under the head `investments' ?   (....

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....s account as a business expense. The assessee submitted a representation onDecember 16, 2003in support of his contention that his business consisted of the purchase and sale of shares. The letter of the assessee recorded that during the course of discussions, the Assessing Officer had pointed out that he intended to treat the loss under the head "Income from capital gain" mainly on account of the ....

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....has observed that there was no change in the set of facts and circumstances as they obtained for the assessment years 1997-98 and 2002-03. The Tribunal was correct in hold-ing that there was due application of mind by the Assessing Officer to the very same issue during the course of the earlier two assessment years and that the assessments were finalized after considering the reply filed by the as....