2016 (7) TMI 53

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....Income Tax Act, 1961 (the Act) challenges the order dated 30th January, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2009-10. 2. The Revenue has urged the following questions of law for our consideration : "(i) Whether, on the facts and in the circumstances of the case and in law, the Tribunal is right in holding that the r....

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....ut having filed Revised Return of Income) contending that the profit/loss on account of dealing in shares would be classifiable as business income and not as short term capital gain/loss. The Assessing Officer did not accept the same as the same was not supported by a Revised Return of Income. 4. In first appeal before the Commissioner of Income Tax(Appeals), the respondent-assessee claimed that ....

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....We find that the impugned order of the Tribunal has followed the decision of this Court in Pruthvi Brokers and Shareholders Pvt. Ltd. (supra). Mr. Malhotra, the learned counsel, appearing for the Revenue is unable to point out any distinguishing features in the present facts which were warrant us taking a different view from that taken in Pruthvi Brokers and Shareholders Pvt. Ltd. (supra). In the ....