TaxTMI 
TaxTMI 
2010 (8) TMI 1072
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....g the action of learned Assessing Officer in treating the short term capital gain and long term capital gain as business income without considering the facts and circumstances of the case. 2. The short issue requiring our adjudication in this case is whether the income of the assessee from sale of shares is to be treated as income from business or as capital gains. Learned counsel for the assessee submits that the above issue is now covered, in favour of assessee, by Tribunal's decision in assessee's own case for assessment year 2005-06, (ITA No. 2232/Mum./2009; order dated 14th January 2010). It is pointed out that, as noted by the Assessing Officer in paragraph 4.1 of the assessment order itself, "there is no change in the assessee's act....
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.... a co-ordinate bench of this Tribunal, rendered in assessee's own case for assessment year 2005-06 (supra), wherein the Tribunal has, inter alia, observed as follows:- "5 We have heard the rival submissions and considered them carefully. We have also perused the relevant material on record and find that the assessee deserves to succeed in his appeal. The assessee was doing trading shares as well as investment. Both these activities were done in past and the profit on account of trading was shown as business income and profit on account of investment was shown as STCG or LTCG as the case may be. Copy of the accounts for AY 2003-04 and 2004-05 are placed on record which confirms both these transactions done by the assessee. 5.1 During the y....