TaxTMI 
TaxTMI 
2017 (3) TMI 901
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.... as mentioned in the memo of appeal are required consideration by this court, which reads as hereunder: "(1) Whether the Hon'ble ITAT is correct on facts and in law in holding as Long Term Capital Loss on sale of shares in place of business income being shares held as stock in trade by the assessee. (2) Whether the Hon'ble ITAT is correct on facts and in law in allowing the membership fee & annual subscription expenses which do not pertain to business activities and pertain to personal expenses of Defendants/respondents. B.K. Modi, as per provisions of Section 37(1) of IT Act. We have heard Shri Praveen Kumar, learned counsel for the appellant and Shri P.K. Mishra, learned counsel for the assessee and have perused the material ....
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....l on record to show that the shares which were shown by the assessee as the investment in the balance sheet in the AY 1993-94 and 1994-95 and accepted as such in the assessee made was stock in trade of the assessee in the year of sale. The revenue also could not show by bringing relevant and cogent material on record that the intention of the assessee at the time of purchase of these shares was not to hold them as investment but to deal in the sale and purchase of these shares. The assessee through its balance sheet and auditor's report for AY 1993-94 and 1994-95 has shown that the shares were held as investment and that they were valued at cost. If these shares had been held as stock in trade by the assessee and as claimed by the asses....