2013 (2) TMI 376

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hakkar i/b. Mint Conferes ORDER Per: P.C.: 1. In this appeal by the revenue for the assessment year 2006-07, the following question of law arises for our consideration:- "Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in treating the difference between the purchase price of shares and the market value of shares, as on date of conversion....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y, the assessing officer held that the short term and long term gains arising out of the sale of shares which were held originally as stock in trade and converted into investments was to be treated as business income. In first appeal before the CIT(A), it was pointed out that upto the date the shares were in its trading portfolio i.e. till the date of its conversion as investments the gain made wa....