2018 (12) TMI 221

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.... the Income Tax Act, 1961 (the Act) challenges the order dated 8th July, 2015 passed by the Income Tax Appellate Tribunal. This appeal relates to the Assessment Year 2008-09. 2. Mr. Kotangle, learned counsel to the Revenue urges the following brief question of law: "Whether in the facts and circumstances of the case and in law was the Tribunal justified in holding that the gain made on sale ....

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....t period i.e. purchased and sold during the year. 4. Being aggrieved the Respondent carried the issue in appeal to the Commissioner of Income Tax (Appeal)(CIT (A)) but without success.   5. On further appeal to the Tribunal by the impugned order dated 8th July, 2015, the appeal was allowed. This after examining the facts and finding that in its Balance-sheet and profit and loss account ....

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....for the Revenue submits that the appeal ought to be admitted as the amounts involved are large. Besides the profit claimed under the head short term capital gain are all on account of purchase and sale of shares during the assessment year. 7. We note the fact, that the issue of classification of income on sale of shares as business income or as short term capital gains is to be decided the fact....