2017 (7) TMI 736

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....ra Poojary, Mr. Jignesh P. Shah for the respondent ORDER P. C. 1. The learned Counsel for the appellant submits that it was an error on the part of the Commissioner (Appeals) to hold that trading in shares amounts to short term and long term capital gains. The shares were traded repeatedly. The Assessing Officer has observed that five scripts were repeatedly traded. Even the list of said ....

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....eous. The Tribunal has considered that the scripts as referred to by the Assessing Officer were not repeated transactions. Even in the case of one script i.e. Master Trust also it is a case of single transaction. 3. We have considered the submissions of the respective parties. There cannot be any dispute in the proposition that each case has to be considered on the basis of the fact as appearin....

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....x Vs. Madan Gopal Radhey, reported in 1969, 73 ITR 652 that there is no presumption that an acquisition of a commodity, even if it is an accretion to the stock in trade of the business, is an acquisition for the purpose of his business, in each case the question is one of intention to be gathered from the evidence of conduct and dealings by the acquirer with the commodity. It has been observed by ....