2016 (8) TMI 958

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y the Revenue are directed against the common judgment dated 19th August 2015 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA Nos. 2559 and 2553/Del/2011 for the Assessment Years ('AYs') 2006-07 and 2007-08. 2. The central question that has been urged by the Revenue in these appeals is that the ITAT erred in affirming the order of the Commissioner of Income Tax (Appeals) ['CIT(A)'] ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ght to be urged by Mr. Ashok K. Manchanda, learned Senior Standing counsel for the Revenue, that on the facts of the present case where the Assessee's income from shares allegedly held as investment was disproportionately higher than that derived from the shares held as stock-in-trade. Accordingly, there was every reason to infer that the Assessee had manipulated its books of accounts to show the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sessee having two portfolios "may have income under both heads i.e. capital gains as well as business income." The ITAT further referred the decisions of the High Court and the Supreme Court and examined whether the scrips were bought from the borrowed funds, the period for which the shares were held and the frequency of the trading etc. The specific finding of the ITAT is that where the Assessee ....