2018 (3) TMI 1163

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.... the lower appellate authorities. 2. The assessee reported inter alia income from various sources including substantial capital gains for AY 2010-11. Upon scrutiny, it was urged on its behalf that substantial purchases of shares were not based upon delivery but the gains/losses were on the basis of daily transactions. It is submitted that as far as the gains were concerned, the assessee reported such income on the basis of capital gains in its investment portfolio. The Assessing Officer (AO) rejected the assesee's contentions and characterised the sum/income reported as business income towards capital gains and capital loss. In doing so, the AO took note of the detailed transactions that the assesee had entered into including the volume ....

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....ath Engg. (100) 1000 1000 3 CCAP Ltd. (100) 1000 1000 4 Shoppers Inv. & Finance Ltd. (100) 1000 1000 5 Videocon International (8) 1000 1000 6 Other Shares-Singhal Fincap  35243.30 35243.30 7 Others Shares - K.K.Securities 17162647.84 0 From the above part of the balance sheet, it is clear that there is no change in the shares of some companies, which remained as it is in F.Y. 31.03.2009 and 31.03.2010. In case of other shares - K.K. Securities, the assessee had value of shares at Rs. 1,71,62,647 /- as on 31.03.2009 but up to the impugned year, the assessee has sold all the shares. On perusal of the computation filed by the assessee and the capital account, the assesse....