2014 (9) TMI 1067

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.... Mr. C.S. Das, Adv. for the respondent. JUDGEMENT This appeal has been filed under Section 260A of the Income Tax Act, 1961 by the revenue against the impugned order dated 27.01.2014 passed by the Income Tax Appellate Tribunal 'B' Bench, Kolkata in I.T.A. No.1434/Kol/2011 for the assessment year 2007-08 on the following questions. I) "Whether on the facts and in the circumstances of the case....

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....quent interval cannot be treated as a change in investment but have to be treated as dealing in shares and treatment of share dealing in earlier years is not factor." Heard Ms. Das De, learned Advocate for the appellant and Mr. J.P. Khaitan, learned senior Advocate for the respondent. We find the Tribunal while negating the conclusion of the revenue had referred to the order of the CIT(A). The r....

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....ments, substantiate her claim of being an investor. It is also clear that the assertion that she is an investor can only be challenged on the basis of her own records and transactions which could indicate that it is actually doing trading business. This is not there in the appellant's case and the A.O. has failed to do so other than making a longwinding analysis of the guidelines laid out in CBDT ....