2008 (10) TMI 643

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....s an appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") preferred by the Revenue against the judgment dated 10th December, 2002 passed by the Income Tax Appellate Tribunal (hereinafter referred to in short as "Tribunal") in ITA No. 2994/Del/95, in respect of, assessment year 1992-93. The only issue which arises in the appeal is the treatment of sum of Rs. ....

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.... trade in shares and; (iii) lastly, the assessee had failed to maintain a separate account, in respect of, those shares which were traded, as against the ones, held as investment. 1.1 By virtue of the aforesaid assessment order a sum of Rs. 15,06,253/- was added back to the income of the assessee for assessment year 1992-93 as income from business. 2. Being aggrieved, the assessee preferr....

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....he assessee were shares which had been purchased by the assessee between 1980 to 1991 and; (v) lastly, there was no evidence on record to show, that the shares which had been kept for investment, had been converted into "stock-in-trade of business at any point of time". 3. The Revenue being aggrieved by the aforesaid order of the CIT(A) preferred an appeal to the Tribunal. The Tribunal by th....

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....nt" for the immediately preceding assessment year i.e., 1991-92 and observed it was not relevant in respect of assessment year under consideration i.e., assessment year 1992-93. Furthermore, in view of the fact that the assessee had been able to satisfy the Tribunal that account with respect to shares which were traded was kept separately, and also, that no evidence whatsoever, had been placed on ....