TaxTMI 
TaxTMI 
2018 (2) TMI 58
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....is in respect of Assessment Year 2008-09. 2. The Appellant urges the following questions of law, for our consideration : "(a) Whether in law and in the circumstances of the case, the the Tribunal is justified in confirming treatment of Long Term Capital Gains of Rs. 16,93,88,051/and Short Term Capital Gains of Rs. 1,91,83,705 as income from business without considering various parameters enunciated in circular No.4/2008 dated 15-6-2007? (b) Whether in the facts and circumstances of the case and in law, the Tribunal was justified in holding that once an assessee trades in shares then, ipso facto even bonus shares received by the assessee are to be held as trading stocks ? 3 Re. Question (a): (a) The Appellant-Asses....
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.... "(i) Assessee's submission: The assessee is an investor and has been undertaking only investment activity over a period of time. Comments:The above statement is obviously incorrect as the assessee is in the business of trading in shares for A. Y. 2007-08 as discussed above in paras 4.2 to 4.5. (ii) Assessee's submission:Further, as regards income on the sale of shares (long term/short term) the same has always been treated as investments by the assessee in its books of accounts. Comments: The above statement is also incorrect in view of discussion in paras 4.2 to 4.5 above. (iii) Assesssee's submission: As explained above the shares have also been held as long term capital asset by the assessee and never....
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....en squared off on the same day is factually incorrect. (vi) Assessee's submission: We would further emphasize that all the investments in shares by the assessee were always treated as investments by it and at no point of time the same were treated as stock in trade of the assessee. Comments: Once again the above statement of the assessee is false and misleading in view of para 4.2 to 4.5 above. 4.8 From the above analysis it is evident that the assessee is trying to make out a false case in stating that he had always been an investor in shares and had always treated the shares as investments and not as stock in trade. Further, another false submission of the assessee is that the investments were made from the ....
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.... dated 6th February, 2015, the Tribunal dismissed the appeal. This by holding that the Appellant had not been able to show any change in the circumstances which would justify the stand now taken that the income in the present year be treated as income out of investments. The Tribunal records the fact that there are numerous transactions of purchases and sales during the year. Therefore, on facts found that the Appellant-Assessee is a traderinshares (g) In the above view, the Tribunal dismissed the Appeal of the Appellant, inter alia, by referring to the decision of this Court in Gopal Purohit (supra). (h) Mr. Andhyaurjina, learned Senior Counsel submits that the entries in the books of account made in the subject Assessment Year would....