2013 (11) TMI 725

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....aring total income of Rs. 43,74,639/-. The case was selected for scrutiny and thereafter the Assessment was framed under section 143(3) vide order dated 19.12.2008 and the total income was determined at Rs. 43,74,639/-. While framing the assessment A.O. considered the short term capital gain of Rs. 5,55,334/- shown by Assessee as business income of the Assessee. Aggrieved by the order of A.O., Assessee carried the matter before CIT(A). CIT(A) vide order dated 27.10.2010 dismissed the appeal of the Assessee. Aggrieved by the aforesaid order of CIT(A) , the Assessee is now in appeal before us and has raised the following effective ground:- 1. The learned CIT(A) has erred in law and on facts in confirming the treatment of the short-term capit....

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....ions, it's value of purchase and sale, No. of transactions and investment on a particular, day, but he has not given any chart or break up of the shares purchased and sold in a proper manner i.e. date of purchase and sale, rate of purchase and sale, number of shares purchased and sold, number of shares of company-wise, purchase amount of shares, rate of sale, date of sale, number of shares sold, number of shares sold company-wise, net capital gain/ net capital loss and so on. Similarly the AR has also rebutted the AO's plea in a general manner but is not supported by documentary evidence i.e. copy of balance sheet and copy of the P&L A/c. to show the closing stock in a particular year and the expenses incurred for the purpose of purchase an....

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....ctivity was carried out by the Assessee. The ld. A.R. further pointed to the statement of capital gains earned during the year and also submitted share-wise ledger account and the copy of which were placed in paper book. She further submitted the copy of the pass book of the Assessee to demonstrate that the Assessee had used her own funds and no borrowed funds were used for making investments. She further submitted that the intention of the Assessee was to hold the shares as investment. She also placed on record, the chart showing the capital gains earned by the Assessee in 3 years prior and 3 years after A.Y. 06-07 and from it demonstrated the capital gains earned by the Assessee in various years. She further submitted that the loss incurr....