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2013 (1) TMI 883
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.... Ram Surat Ram (Maurya), J. 1. Heard Sri Shambhu Chopra, Senior Standing Counsel for the appellant and Sri Shakeel Ahmad, the counsel for the respondent. 2. This appeal has been filed, under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) from the order of Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow (hereinafter referred to as the Tribun....
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.... rise to the present appeal are as follows: The appeal relates to the assessment year 2004-05. Shri Sunil Kumar Gupta (the assessee) filed Income Tax Return on 26.10.2004, in individual capacity, showing his gross income of Rs. 59,61,230/- which was processed on the returned income on 29.12.2004. The assessee is a member of U.P. Stock Exchange Association Ltd. Kanpur and has declared inco....
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.... years as such income from sale of these shares was his long term capital gain and not his business income as such this amount could not be added in his income in the assessment year. 4. The Assessing Officer by order dated 22.12.2006 held that purchase and sale of the share is the main business of the assessee and not an independent activity as such income derived from sale of the share in the....
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....n business of the assessee was purchase and sale of shares as such the income derived from it was income from the business of the assessee and the CIT (A) and the Tribunal has wrongly treated this income as long term capital gain. The orders of the CIT (A) and the Tribunal are illegal and liable to be set aside. 6. We have considered the arguments of the counsel for the parties. There is no dis....