2018 (5) TMI 1095

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....STICE AKIL KURESHI) 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 18.09.2017 raising following question for our consideration: "Whether the Appellate Tribunal is right and on facts in holding that the income shown by the assessee on sale of shares of VEOL is to be treated as capital gain instead of business income?" 2. The question involved....

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....rated through sale of shares, certain directives have been issued. 4. Learned counsel for the Revenue mainly stressed on two aspects. Firstly, that the Tribunal did not give proper consideration to the facts on record which were minutely examined by the Assessing Officer and the CIT (Appeals) and secondly, that the circular would not apply looking to the exclusion clause contained in para 4 the....

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....s laid down in the said circulars and the individual tax buyers find it difficult to prove the intention in acquiring the shares and securities in question. There are no universal principles which could be applied uniformly. In order to reduce the litigation and uncertainty in the field, the directives were issued which provided as under: "a) Where the assessee itself, irrespective of the....

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....n (i.e. whether the same is in the nature of capital gain or business income) shall continue to be decided keeping in view the aforesaid Circulars issued by the CBDT." 7. These directions thus essentially recognize that the declaration made by an assessee with respect to its intention in buying and selling shares would be accepted. He was of course not allowed to change his position from time t....