2016 (12) TMI 802

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....nt A. Maheshwari, Advs ORDER 1. The 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 tran....

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....ce that ITAT in its order in para 16 has 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, 21/02/20....

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....short period on the money means for manufacturing of power 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 co....

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....ined and it is held as the activity in the nature of business and assessable under the head 'profit and gains of the business'. Accordingly, we uphold the finding of the learned Commissioner of Income-Tax (Appeals) on the issue in dispute and the ground of the appeal is dismissed....." 3. Having regard to the concurrent nature of finding and the fact that the ITAT carried out an elaborate e....