2016 (11) TMI 1601

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... KARUNAKARA RAO, AM: This appeal filed by the assessee on 28.1.2016 is against the order of the CIT (A)-32, Mumbai dated 20.11.2015 for the assessment year 2006-07. 2. In this appeal, assessee raised five grounds in toto and they revolve around the solitary issue relates to the decision of the AO / CIT (A) in taxing the earning on sale of shares of Talent Infoway Ltd involving some disputes und....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....orders of the Revenue Authorities as well as the relevant material placed before us. On perusal of the facts as well as the said Board Circular (supra), we find, the option of the assessee in matters of the claim relating to the profits / gains on sale of shares based on the entries in the books of accounts, assumes significance. Further, the Officers are prevented from changing the head of income....