TaxTMI 
TaxTMI 
2016 (2) TMI 1004
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....record perused. Facts in brief are that the original assessment was completed u/s.143(3) of the Act on 29/12/2008 determining total Income at Rs. 9,13,64,910/-. The jurisdictional Commissioner of Income Tax -5, Mumbai had called for and examined the assessment record and then issued a show-cause notice u/s.263 of the Act and after hearing the assessee passed an order u/s.263 of the Act dated 15/3/2011 holding the previous assessment order u/ s.143(3) dated 14/12/2006 as erroneous and prejudicial to the interest of revenue. He directed the AO to pass a fresh assessment order in accordance with the directions given by him u/s.263 of the Act dtd. 15/3/2011. The AO accordingly passed the consequential assessment order u/s.143(3) r. w. s 263 of ....
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.... by ld. AR and DR during the course of hearing before us. We had also considered the judicial pronouncements relied on by lower authorities in their respective orders for reaching to the conclusion as to whether the income earned by assessee was liable to capital gain or as income from business profession. From the record we found that the investments made by the assessee are in pursuance of its "other objects no. 30" which permits it to invest surplus funds. It is not the object of the assessee as per the Memorandum of Association to trade in shares and securities. The assessee has consistently shown the shares held by it as "investments" in its books of account and balance sheet and never as "stock-in-trade ". The assessee has never borro....
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....es and short-term capital gains of Rs. 9.05 crores. In the balance sheet annexed to the return, all holdings were shown as "investments" and nothing is shown as "stock-in-trade. The AO issued notices under sections 142(1) & 143 (2), both dated 26th September 2008, together with a questionnaire in which he asked a wide range of questions. In paragraph 11, he directed the assessee to furnish details of profits and gains on sale of shares in the specified format. The formal required information on the date of purchase, date of sale and the period of holding the share. In reply, the assessee furnished a letter dated 3rd October 2008 in which it furnished complete details on all the issues raised by the AO. In paragraph 11. the information on th....