2014 (1) TMI 1307

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.... (AM) : This appeal by the Revenue arises out of the order passed by the Commissioner of Income-tax (Appeals) on 28.08.2009 in relation to the assessment year 2005-2006. 2. First ground of the appeal is against the direction of the learned CIT(A) to accept the claim of short term capital gain' on profit arising from purchase and sale of shares instead of business income' treated by the Asses....

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.... shares was to be considered as. Business income' instead of Capital gain' as claimed by the assessee. The learned CIT(A) noticed certain apparent fallacies in the assessment order and overturned the same on this point. 3. After considering the rival submissions and perusing the relevant material on record, we observe that the assessee was mainly engaged in the business of Arbitrage and Jobbing....

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.... like manner second is the transaction of shares of Bihar Sponge which were purchased on 17.11.2004 and sold between 29.11.2004 and 14.12.2004. Some of the shares have been retained by the assessee for a still longer period. For example, shares of Essal Pack were purchased on 27.08.2004 but sold between the period 27.12.2004 and 10.02.2005. In all there are total 34 scrips which have been purchase....

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....his issue. This ground fails. 4. Second ground is against deletion of addition of Rs. 7,28,900 made on account of arbitration charges debited by the assessee in his books of account. The facts apropos this ground are that the assessee claimed deduction of Rs. 7.28 lakh as arbitration charges paid. In the absence of any detail or confirmation or supporting evidence regarding these payments, the ....