2017 (4) TMI 113

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....sp; P.C: This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 21st February, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 21st February, 2014 is in respect of Assessment Year 2006-07. 2 The Revenue urges the following question of law for our consideration: " Whether on the facts and in the circumst....

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....9;short term capital gain' to the extent of Rs. 1.64 Crores holding it to be business/ trading income. The Assessing Officer accepted the claim made by the Respondent Assessee under the head 'long term capital gains'. 4 Being aggrieved, the Respondent Assessee filed an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. By order dated 27th November, 2009, the CIT(A), partly....

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....27th November, 2009 of the CIT(A). Thus, both filed appeals to the Tribunal. The impugned order of the Tribunal, upheld the finding of the CIT(A) in its entirety. This on application of the tests laid down in CBDT Circular No.4 of 2007. It further recorded a finding that in view of the frequency, volume of transactions and treatment given in the books of account and balance sheet along with the fa....