AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2016 (12) TMI 1344
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....rein the income was determined at Rs. 93,66,790/- in view of the Assessing Officer (AO) holding short term capital gain (STCG) of Rs. 92,76,279/- from sale of shares declared by the assessee to be income from speculation business. On appeal, the CIT(A)-26 vide order dated 05.05.2010 held the transaction to be capital gains and not a speculative transaction. On further appeal, a Coordinate Bench of this Tribunal vide order dated 15.03.2013 set aside this order of the CIT(A) and restored the matter back to the file of the learned CIT(A) for passing fresh orders after examination in the light of their observations, which are extracted hereunder: - "We have perused the records and considered the rival contentions carefully. The dispute is rega....
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....essee. Moreover even if delivery had been taken CIT(A) was required to examine the other aspect as to whether income from share transaction could be considered as speculative income or normal business income. Details of share transactions placed in paper book reveal that shares have been sold after holding for a short period and in some cases there are repeated purchases and sale of shares in same scrips which apparently are not attributes of an investor. Considering the facts and circumstances of the case the matter requires fresh examination at the level of CIT(A). We, therefore, set aside the order of CIT(A) and restore the matter to him for passing a fresh order after necessary examination in the light of the observations made above and....
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....he following grounds: - "1. On the facts and in the circumstances of the case, the learned CIT(A) erred in dismissing the appeal. 2. On the facts and in the circumstances of the case, the learned CIT(A) erred in dismissing the appeal and that too without giving full and proper opportunity of being heard in the matter. 3. On the facts and in the circumstances of the case, the learned CIT(A) erred in dismissing the appeal and that too without appreciating fully and properly the facts of the case. 4. On the facts and in the circumstances of the case, the learned CIT(A) erred in upholding the action of the A.O. in disallowing an amount of Rs. 92,76,279/- being sale of shares as a business income. 5. On the facts and in the circumstance....
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....he assessee, inter alia, has also contended that the learned CIT(A) dismissed the assessee's appeal without allowing the assessee full and proper opportunity of being heard; without appreciating the facts of the case properly; without appreciating that the assessee has established all the requirements of the Act beyond doubt and by dismissing the assessee's appeal by taking on record additional evidence that was not before the AO in assessment proceedings. 3.4 The learned D.R. for Revenue strongly relied on the orders of the authorities below. According to the learned D.R., except for raising various contentions in the grounds raised (supra), the assessee has not been able to bring on record any material evidence to establish that the lear....
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....of the main broker has not been given to facilitate the enquiry and also in view of the aforesaid orders of ITAT in the case of Mukesh Choksi group, it is hereby held that no genuine transaction in shares was ever done by the appellant and therefore the question of any delivery and evidence in support thereof does not arise. Therefore, though the AO in this case has assessed the income shown in bogus shares transaction as speculation income, the same is correctly assessable as 'Income from other sources' since the share transactions are bogus. The AO is directed to assess the same under the head "Income from other sources. 4. In the result, the appeal is dismissed." 3.5.2 On a perusal of the directions of the Coordinate Bench of this Tr....