2016 (9) TMI 818

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....dvocate ...for the appellant Mr. J. P. Khaitan, Sr. Advocate. .. for the respondent. ORDER Delay in preferring the appeal is condoned. The appeal is directed against the judgement and order dated 27th July, 2015 passed by the learned Income Tax Appellate Tribunal, Kolkata "A" Bench, Kolkata in ITA No.1159/Kol/2011 pertaining to the assessment year 2007-2008 by which the learned Income ....

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....n account of the trading essentially is a question of intention. Intention is locked in the mind of the person concerned. Intention can only be ascertained from the circumstantial evidence including contemporaneous Books of Accounts of the assessee. Almost similar view was taken by the Supreme Court in the case of CIT vs. ASSOCIATED INDUSTRIAL DEVELOPMENT CO.(P) LTD. reported in (1971) 82 ITR 586 ....

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....)Ltd (supra) there were both types of transactions some were on investment accounts and some were in trading account. In the present case, the case of the assessee is that all transactions were on investment account. Therefore, the assessee has to prove that it was a case of investment and not a case of trading. In the case before us, contention was raised before the assessing officer by the....

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....l has upheld the finding of CIT(A) in dismissing the appeal preferred by the revenue. We are inclined to think that neither the assessing officer nor the CIT (Appeals) insisted upon the assessee to produce evidence from its records to show that the transactions were intended to be investments and not mere dealing in shares. The substance of the matter was not thus adverted to. Stress was laid o....