2013 (11) TMI 1654

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n facts in confirming the order of the CIT(A) deleting the addition of Rs. 32,56,559 made by the AO on account of business income and directing the AO to treat the same as long term capital gain as claimed by he assessee, without discussing the merits & findings of the A.O. in the assessment order?" 2. The assessee filed the return of income for the assessment year 2009-10 declaring the total income of Rs. 3,85,000/-. The return of income was processed under section 143(1) of the Income Tax Act and thereafter notice under section 143(2) of the Income Tax Act was issued and served upon the assessee. The notice under section 142(1) in the form of detailed questionnaire was issued and served upon the assessee. In response to the notice issu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the CIT(A) for the assessment year 2005-06, the Assessing Officer observed that as the Department has not accepted the same, the appeal before the ITAT has been filed and, therefore, it cannot be said that the order passed by the CIT(A) for the Assessment Year 2005-06 has attained the finality. Consequently, the Assessing Officer while passing the assessment order treated Rs. 32,56,559/- as income from business and passed the consequential order of treating the aforesaid amount as long term capital gain as business income. Being aggrieved and dissatisfied with the order passed by the Assessing Officer in considering the income of Rs. 32,56,559/- as business income, the assessee preferred appeal before the CIT(A) and the CIT(A) allowed the s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dentical question came to be considered with respect to the Assessment Year 2005-06 and similar treatment was given by the Assessing Officer treating the income from the shares as business income, which came to be deleted by the CIT(A), which further came to be confirmed by the ITAT against which the revenue preferred Tax Appeal No. 71/2013 before this Court and this Court has dismissed the said appeal preferred by the revenue confirming the judgment and order passed by the ITAT with respect to the Assessment Year 2005-06. As stated hereinabove, by passing the impugned judgment and order, ITAT has relied upon the decision in ITA No. 937/Ahd/2009 for the Assessment Year 2005-06 in the case of the very assessee and the said order has been con....