2018 (11) TMI 387

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....ee : Sh. R.S. Ahuja, C.A. ORDER PER BEENA A PILLAI, JUDICIAL MEMBER Present appeal has been filed by Revenue against order of Ld.CIT(Appeals)-42, New Delhi dated 09.03.2015 for A.Y 2010-11 on the following grounds of appeal: "1. On the facts and in the circumstances of the case and law, whether Ld.CIT(A) has erred in deleting addition made by the voluminous shares trading as 'business in natu....

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....peared before Ld. AO and filed all necessary details/documents as called for. 2.1. It was observed by Ld.AO that assessee disclosed Income from House Property, Short Term Capital Gains and also Income from Other Sources. Ld. AO observed that assessee during the year under consideration, entered into frequent transaction of sale and purchase of shares. He thus drew a presumption of assessee being ....

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....t be ruled out. 4.1. He placed reliance upon the order of Ld. AO and submitted that assessee frequently traded in securities and therefore income earned cannot be held as Capital Gains, instead it should be Income from Business and Profession. 4.2. On contrary Ld.Counsel submitted that assessee has been staying out of India since past 1983. She admittedly visited India during the year only for 4....

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....the head capital gains. This position has been accepted by revenue till A.Y. 2007-08, however only for A.Y. 2008-09 & 2009-10 Ld.A.O. treated capital gain declared by assessee as income from business or profession. Again from A.Y. 2011-12 and 2012-13 assessee had declared income under the head "Capital Gains", which has been accepted by revenue authorities. We do not agree with reasoning of Ld.AO ....