2016 (2) TMI 596

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....le of shares as normal business income instead of short term capital gain. 2. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs. 11,78,761/- made on account of advertisement expenses. 3. The appellant craves leave to add, alter or amend any ground of appeal raised above at the time of hearing. It is prayed that the order of the Ld. CIT(A)-XV, being contrary to the facts on record and the settled position of law, be set aside and that of the AO be restored." 2. The brief facts of the case are the assessee company has been engaged in the business of stock and share broker in the National Stock Exchange of India Ltd. and Bombay Stock Exchange Ltd., depository of NSD: and GDSL an....

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....stated that the order of the Ld. CIT(A) is a well reasoned order and therefore, the same may be upheld and Revenue's appeal may be dismissed accordingly. 7. We have heard both the parties and perused the relevant records, especially the orders of the authorities below and the case law cited by the Ld. Authorised Representative of the Assessee. We find that Ld. First Appellate Authority has elaborately discussed the issue no. 1 in dispute by considering the submissions of the Ld. Counsel of the assessee and adjudicated the issue no. 1 in dispute as under vide para no. 5.2 at page 8 & 9 of his impugned order. "5.2 Regarding the Ground No.1 of the appeal, I find that the appellant is a registered stock broker in NSE and BSE, and primarily i....

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.... is accordingly, allowed in favour of the appellant." 7.1 On going through the aforesaid finding of the Ld. CIT(A) on the issue in dispute and the case law, the CBDT Circular No.1/2007 cited in the impugned order, we are of the view that CIT(A) has rightly deleted the addition in dispute. Therefore, we do not find any infirmity in the well reasoned order passed by the Ld. CIT(A) on the issue no. 1, and uphold the finding of the ld. CIT(A) on this issue. Therefore, the ground no. 1 raised by the Revenue stands dismissed. 8. We find that Ld. First Appellate Authority has elaborately discussed the issue no. 2 in dispute by considering the submissions of the Ld. Counsel of the assessee and adjudicated the issue no. 2 in dispute as under vide ....