2014 (5) TMI 622

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....peal by the Revenue arises out of the order passed by the CIT(A) on 8.4.2013 in relation to the assessment year 2008-09. 2. The only issue raised through two grounds is against treating income of Rs. 24,84,734/- from sale of shares as `Long Term Capital Gain' as against `Business income' assessed by the Assessing Officer. 3. Briefly stated the facts of the case are that the assessee is engag....

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....e assessee's contention and held the entire amount as `Business income'. The ld. CIT(A) got convinced with assessee's submissions and held the amount of Rs. 24.79 lac as Long Term Capital Gain. 4. We have heard the ld. Departmental Representative and perused the relevant material on record. There is no appearance from the side of the assessee despite notice. As such, we are proceeding to dispos....

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....arius Pandole [(2011) 330 ITR 485 (Bom.)] has held that income from sale of shares treated as business income in earlier years by way of assessment u/s 143(3) cannot be taken as capital gain in subsequent year. The essence of the judgment is that the principle of consistency should be followed and the parties should not be allowed to register departure from the existing position time and again. In....