TaxTMI 
TaxTMI 
2018 (10) TMI 607
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.... Respondent Through: Sh. Balkishan Ladhania and Sh. Raghavendra Singh, Advocates. O R D E R The assessee's appeal under Section 260A of the Income Tax Act, 1961 [hereafter "the 1961 Act"] challenges an order of concurrent finding which rejected the contention that Rs. 65,55,066/- was short-term capital gain [for Assessment Year (AY) 2006] and assessed it as business income. The facts are....
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....e not derived out of the investment but in fact amounted to business income. Both the CIT(A) as well as the AO had taken note of the Central Board of Direct Taxes (CBDT) instructions of 31.08.1989 as well as the Circular No.4/2007 which dealt with what elements were to be taken into consideration in analysing whether the amounts claimed as short term capital gains were in fact so or were they bus....
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...., is extracted below. Name of the Scrip No. of times purchase during AY 06-07 No. of times sold during AY 06-07 Total transactions during AY 06-07 Bajaj Hindustan Ltd. 28 25 53 CCL Products Ltd. 6 10 16 GHCL Ltd. 30 23 53 Titan Industries Ltd. 20 20 40 162 This Court notes that the AO was cognizant of the CBDT's circular which outlined no less than ten elements which ....