2011 (9) TMI 1035

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....PER R.S. SYAL, AM : This appeal by the Revenue arises out of the order passed by the Commissioner of Income-tax (Appeals) on 22.02.2010 in relation to the assessment year 2006-2007. 2. The only issue raised through various ground is against the treatment given to the profit from shares as taxable under the head `Capital gains' instead of `Business income' assessed by the Assessing Officer. B....

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....e assessee has been accepted as investor in shares and securities as per titles given in the assessment order. From the arguments advanced by both the sides it is observed that for the assessment year 2004-2005, the case of the assessee was selected for scrutiny. A copy of the assessment order for the said assessment year is available on page 55 onwards of the paper book. The stand taken by the as....

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....comes evident that the Revenue in all the earlier years has accepted the shares as investment and not as stock in trade. The principle of consistency requires that the view taken in one year should be followed in subsequent years, unless the facts or the legal position justify departure therefrom. Recently the Hon'ble Bombay High Court in CIT Vs. Darius Pandole [(2011) 330 ITR 485 (Bom.)] has held....