2002 (10) TMI 61

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....J.-The assessee-respondent is the managing director of Rajasthan Polyesters Limited. Besides income from salary, he has derived income from dividend and money lending business. During the previous year relevant to the assessment year 1993-94 he sold 62900 shares of Rajasthan Polyesters Limited for a total price of Rs. 33,60,174. According to the assessee, these shares were held as investment for a....

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.... not a dealer in shares but was making investment in shares. The Commissioner of Income-tax (Appeals) found that the income from the sale of shares was liable to be assessed under the head "Capital gains". The Department felt aggrieved by the order passed by the Commissioner of Income-tax (Appeals) and filed an appeal before the Tribunal which was dismissed on June 8, 2001. It is against this orde....

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....did not dispute that the income derived from the sale of shares was business income. The findings in the previous years, no doubt, do not operate as res judicata but that does not mean that in every subsequent year it is open to the Assessing Officer to take a different view in the matter. Of course, he can take a different view if some fresh material is placed before him. The Commissioner of Inco....