2013 (1) TMI 313

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....ri Shambhu Chopra, Senior Standing Counsel for the appellant and Sri Shakeel Ahmad, the counsel for the respondent. 2. This appeal has been filed, under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) from the order of Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow (hereinafter referred to as the Tribunal) dated 24.08.2012, passed in Income Tax Appeal N....

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.... Sunil Kumar Gupta (the assessee) filed Income Tax Return on 26.10.2006, in capacity of individual, showing total income from business of Rs. 35,70,873/- and Rs. 2,76,29,222/- as long term capital gain and Rs. 4,09,20,556/- as short term capital gain from sale of shares of Godesic Info. and Trans. Gene, Biotec amounting to Rs. 6,85,49,778/-. The assessee is dealing in shares as broker, trader and ....

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....income from capital gain and he had been maintaining separate accounts for trading and investments and also have separate bank accounts for them. 4. The Assessing Officer, by order dated 23.12.2008 held that the assessee was a share broker and main business of the assessee was purchase and sale of the shares. He had made 'investment portfolio' as a colourable device to avoid payment of tax alth....