2012 (10) TMI 1028

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....ight:115%; mso-pagination:widow-orphan; font-size:11.0pt; mso-bidi-font-size:10.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} AKIL KURESHI AND MS. HARSHA DEVANI, JJ. For the Appellant : Pranav G. Desai ORDER Akil Kureshi, J.  Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal ('the Tribunal', for short) dated 27-5-2011. For the assessment year 2006-07, the following questions have been presented for our consideration:- "A. Whether in the facts and circumstance....

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....s and concluded that the Assessing Officer failed to take into account such clarification as well as the decisions of the Apex Court. He was of the opinion that looking to the material on record, it cannot be stated that the assessee was in the business of trading in shares. Revenue, aggrieved by the decision of the Commissioner (Appeals), carried the matter before the Tribunal. The Tribunal upheld the Commissioner's view making following observations:- "4. We have considered the rival submissions on either side and have also perused the material available on record. For the purpose of finding out the nature of transaction as to whether it is an investment or adventure in the nature of trade, one has to see the intention of the as....