2016 (6) TMI 598

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....E AKIL KURESHI) 1. Revenue is in appeal against the judgment of Income Tax Appellate Tribunal ('the judgment' for short) dated 16.10.2015 raising following question for our consideration. "Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in holding that transaction in shares made within a short period was Short Term Capital Gains and not Busine....

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....ivity of an assessee or his investment. These tests were the acquisition for investment and not dealing in shares, sale of shares because it gives a good price, showing all shares as investments in the books and in fact under the head of short term capital gain and the volume of shares i.e. the magnitude of transaction of such shares. The Assessing Officer however, discarded the assessee's cla....

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....The issue in the present case is whether the profit earned on sale of shares is required to be treating as "capital gains" or "business income". We find that ld. CIT (A) while deciding the issue in favour of the Assessee has held the profit earned to be as "capital gains" and has noted that Assessee has history of being an investor and claiming short terms capital gains and the activity of transac....

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....count is to be attributed to the business of share trading. Before us, Revenue has not placed any material on record to controvert the findings of ld. CIT (A). Further, it is a fact that in the earlier assessment years, Assessee had offered the profits as short terms capital gains and the same was also accepted by the Revenue. In view of the aforesaid facts, we find no reason to interfere with the....