2016 (12) TMI 802

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....he Revenue is aggrieved by the direction of the Income Tax Appellate Tribunal (in short 'ITAT') to delete the penalty imposed upon the assessee for assessment years 2006-07 and 2007-08. The assessee had claimed inter alia higher capital gains in respect of several transactions in shares. The Assessing Officer ('AO') rejected these claims holding that the transactions were not in the normal course ....

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....presented the facts in a tabular form. Its reasons are contained in following terms: "..... 17. We find from the above that the assessee has transacted in single scrip in multiple times during the year but sometimes even more than once in a day itself. For example, the scrip 'Era Construction' has been transacted on 19/02/2007, 20/02/2007, 21/02/2007, 06/09/2006, 11/09/2006, 09/10/2006. Similarl....

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....ower equipments, parked temporarily in the share market. 19. In the case of M/s D & M Components Ltd. (supra), the Hon'ble Court has referred to the Supreme Court decision in the case of P. Mohammed Meerakhan Vs. Commissioner of Income Tax, Kerala, 73 ITR 735 (SC), wherein it is held that there is no single test or formula which could be applied in determining whether the transaction was an....