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2014 (6) TMI 429

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.... two Appeals by the Assessee directed against the Orders by the Commissioner of Income Tax (Appeals)-8, Mumbai ('CIT(A)' for short) dated 05.11.2012, partly allowing the assessee's appeals contesting its assessments u/s.143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) for the assessment years (A.Ys.) 2007-08 and 2009-10. 2. The principal issue in these appeals is the nature of the gains....

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....ed 14.08.2013). For all the said years, the tribunal has taken a consistent view that the assessee is in respect of the shares held and disclosed by him as an investment in his accounts, to be treated as an investor, so that the same are capital assets, yielding capital gains, whether long-term or short-term, i.e., depending upon the period of holding. Further, the Revenue has in fact accepted the....

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....income. We are conscious that the assessee's disclosure in accounts is, though relevant, not conclusive by itself, and a number of relevant parameters, viz. regularity, frequency, volume, trading and financing pattern, etc., also specified by the Board per its Circular, are required to be looked into to determine the nature of an asset, which is thus primarily a factual matter. However, we are no....