2011 (5) TMI 537

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e, with Mr. Deepak Anand, Advocate.  For Respondent Through: Mr. Ajay Vohra, Ms. Kavita Jha & Mr. Somnath Shukla, Advocates. M.L. MEHTA, J. (Oral)   1. This appeal is directed against the impugned order dated 30th October, 2009 of the Income Tax Appellate Tribunal (hereinafter referred to as the "Tribunal) whereby the appeal of the Revenue against the order of the CIT(A) was dis....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dealing in shares and also most of shares were immediately sold after their purchase. Accordingly, the Assessing Officer treated the said profit as business income. The assessee challenged the order of the Assessing Officer before CIT(A) which held the profit to be capital gain and not business income. In appeal, the Tribunal maintained the order of CIT(A). It is against this impugned order that t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ranchal. Though the de-merger took place w.e.f. 1st April, 2004, the assessee continued to carry on the photographic goods manufacturing until the date of the order of the High Court of Uttaranchal approving scheme of the de-merger on 1st November, 2004. The assessee also held long-term investments in various other shares. The aforesaid shares of ONGC were purchased by the assessee when it was a m....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... arrived at a finding of fact that the acquisition of such shares in public issue with the intent of holding them for a long period of time to achieve long-term appreciation and the mere fact that the shares were sold in a short span of time of its acquisition due to steep and unanticipated rise in stock market does not mean that the intention of the assessee at the time of purchase of shares was ....