2015 (10) TMI 2377

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....l under section 260A of the Income Tax A961 (the Act) challenges the order dated.19th December, 2012. passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of A.Y.2008-09. 2. Mr.Pinto learned counsel for the revenue only urges following questions of law for our consideration: "Whether on the facts and in the circumstances of the case and in law th....

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.... Capital Gains.' The Assessing Officer by order dated 1st December 2010 did not accept the respondent's submission and came to the conclusion that the amount shown as 'Short Term capital gain' had to be taxed as income from business. 4. In appeal, the Commissioner of Income Tax (Appeals) allowed the respondent-assessee' appeal holding that in the earlier assessment year i.e.....

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....rowed funds. Besides, the respondent maintained two portfolios one in respect of trading in shares and the other of investment in shares. It also recorded the fact that in respect of transaction where no delivery of shares was taken, the assessee has treated the same as business transaction and any profit/gains derived from such transactions were to offered to tax as profits and gains of business.....

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....y. 7. We find that there are concurrent findings of facts recorded by the Commissioner of Income Tax (Appeals) and the Tribunal holding that the respondent-assessee is engaged in investment activities resulting in 'Short Term Capital Gains.' In fact in the preceeding Assessment year on identical facts the respondent-assessee 's claim for loss under the head 'Short Term Capital G....