2016 (11) TMI 971

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges a common order dated 14th August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Years 2005-06, 2006-07 and 200809. 2. The Revenue urges the following question of law for our consideration : "(i) Whether on the facts and in the circumstanc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d sale of shares as Short Term Capital Gain. The impugned order dismissed the appeal of the Revenue that the above amount of Rs. 1.24 crores should be classified as "Business Income". The impugned order of the Tribunal while dismissing the Revenue's appeal placed reliance upon its decision in respect of Assessment Years 2006-07 and 2005-06. 4. The appeal in respect of Assessment Year 2006-0....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e profit arising on the transactions carried out with borrowed funds as "Short Term Capital Gain" instead of "Business Income" ? 6. Mr. Suresh Kumar, learned Counsel for the Revenue places reliance upon the aforesaid two orders of this Court admitting the Revenue's appeal and prayed that the present appeal also be admitted on an identical question. 7. However, we specifically asked Mr. S....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... from the facts existing in Assessment Years 2005-06 and 2006-07. In the subject assessment year, the assessee has carried out the business activity out of its own funds and the authorities have also rendered a finding of fact that the transactions are not large nor so frequent so as to hold that the respondent assessee was a trader in shares. 9. The finding of fact arrived at both by the CIT(A....