2011 (11) TMI 769

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....d by the Revenue. The assessment year involved is 2008-09. The appeal is instituted against the order of the ld. CIT(A)-IV, Surat dated 24.03.2011. The ground is reproduced as under: "(1) The Ld. Commissioner of Income-tax (A)-XX, Ahmedabad has erred in law and on facts in directing to bifurcate and recalculate the income from business and income from capital gains, though admitting in para 3.3....

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....us decisions on the issue, directed the AO to recalculate the income from business and income from capital gain and from share transaction. The CIT(A) held that whenever the assessee has held shares for a period of more than 30 days, the same shall be treated as investment and whenever shares are held for less than 30 days, income arising therefrom should be held as business income. We notice that....

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....the CIT(A) has also examined the other side and found that in some of the transaction of shares, there is income from capital gain. 5. We have heard the ld. D.R. and perused the records. We find that the finding of CIT(A) is contradictory. On the one hand, the CIT(A) held that the assessee is not an investor in shares and on the other hand, the CIT(A) held that the assessee is trading in shares. ....