2013 (6) TMI 567

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.... This is an appeal filed by the Revenue against the order of ld. CIT(A)-XXX, Kolkata dated 31.01.2012. 2. The sole issue involved in this appeal is that the ld. CIT(A) was not justified in holding that the transactions of voluminous and frequent purchase and sale of shares in a systematic manner resulting in profit amounting to Rs.72,04,217/- was to be treated as capital gain and not business....

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....Consequently the income from transactions in shares and units is being computed on this basis. 3.1. On appeal the ld. CIT(A) allowed the appeal of the assessee holding that the profits from purchase and sales of shares and units was to be treated as capital gains and not business income of the assessee by observing as under :- "3. The submissions of the Appellant have been considered and it ....

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.... the assessee's investments from own funds were Rs.93,30,065/- & Rs.1,39,92,543/- and in the assessment for the relevant period; assessee was not regarded as dealer in shares. In the assessment years 2002-03 & 2003-04 the assessee earned dividend of Rs.16,419/- & Rs.23,652/- and capital losses on transfer of shares & units were Rs.52,49,976/- & Rs.5,11,788/- respectively. In the Income Tax assessm....

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....ss income taken by the A.O." 4. The ld. DR relied on the order of the AO whereas the ld. AR of the assessee submitted that the ld. CIT(A) has allowed the appeal of the assessee by following the order of the Tribunal in assessee's own case for A.Yr.2004-05 in ITA No.653/Kol/2011 order dated 13.01.2012 . He therefore submitted that the appeal of the Revenue should be dismissed. 5. After hearin....