2019 (4) TMI 1182

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.... ORDER P.C.: 1. These appeals involve similar issues. We may record facts from Income Tax Appeal No. 300 of 2017. 2. This appeal is filed by the Revenue to challenge the judgment of the Income Tax Appellate Tribunal, Mumbai ("the Tribunal" for short). 3. Following question is presented for our consideration: - "Whether on the facts and in the circumstances of the case and in law, the Tribu....

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....tal gain of Rs. 1,10,35,000/- (rounded off) out of which sum of Rs. 1,10,22,000/- was in terms of capital gain. Only Rs. 12,000/- and odd was short term capital gain arising out of sale of shares. 6. The Assessing Officer and the CITA(A) held that the assessee was in the business of buying and selling shares and the receipts were therefore, the assessee's business income. The Tribunal reversed th....