2017 (9) TMI 840

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....see is an HUF. For the assessment year 2005-06, the assessee had filed the return of income. A search was conducted at the premises on 22.02.2006 leading to the Assessing Officer passing order of assessment under section 153A read with section 143(3) of the Act on 31.12.2007 determining total income of the assessee at Rs. 4.25 crores (rounded off) which included a sum of Rs. 4.40 crores by sale of share treating as business income and Rs. 20 lacs by way of unexplained cash credit. The CIT (Appeals) deleted both the additions upon which, the Revenue approached the Tribunal. The Tribunal confirmed the view of the CIT (Appeals). Hence, in this appeal, the Revenue has raised two questions which read as under: "A. Whether on the facts and in t....

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....the period of holding the listed shares and securities. One of intentions is that in respect of listed shares and securities held by the assessee for a period of more than 12 months before transfer, if the assessee desires to treat the income from transfer of the shares as capital gain, the Assessing Officer would not dispute the same. Relying on such materials, the Tribunal confirmed the view of the CIT (Appeals) making following observations: "12. Considering the facts in hand, in the light of the aforementioned circular at the Board, in our considered opinion, the intention of the assessee at the time of the purchase of shares is paramount. If the assessee has clear intention of being an investor and showing the shares of investment we....