2017 (2) TMI 459

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....A of the Income Tax Act, 1961 (the Act) challenges the order dated 31st January, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2005-06. 2. This appeal raises the following question of law for our consideration : " Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in law, in holdin....

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....s trading portfolio. The respondent-assessee was consistently showing gains on account of his investment portfolio and offering them to tax under the head 'capital gains'. In fact, that right from the Assessment Year 2003-04 till Assessment Year 2009-2010, the Revenue has consistently accepted the claim of the assessee with regard to the gain made on its investment portfolio is taxable und....

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....sked whether this element was present for the earlier and subsequent years, Mr. Suresh Kumar was not in a position to respond to the same. It must be borne in the mind even before the Tribunal, the Revenue did not point out any variation in the facts and circumstances of the case for the subject Assessment Year from those of the earlier and subsequent years on account of income earned on investmen....