2021 (3) TMI 927

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.... gain on sale of long term asset (shares). 2. On the facts and circumstance of the appellant, the orders of the lower authorities are opposed to law, equity, weight of evidence and probabilities. 3. On facts and circumstance of the case, the learned authority ought to have treated Rs. 44,78,676/- being the gain on sale of long term asset (shares) instead of business income more so when the appellant has purchased such shares during 1999-2000, converted into de-mat account during 2006-07 in spite of filing substantial documents to support the claim. 4. On facts and circumstance of the case, the order of the learned authority is against the circular No. 6 of 2016 dated 29.02.2016 and earlier circular No. 4/2007 Date....

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....COME TAX (2017) 188 TTJ (AHD) 120. 7. On the facts and circumstance of the case, the learned authority ought to have held that the entries in the books of accounts do not over ride the provisions of income tax law, as held by the Supreme Court in. the case CIT V/S. TUTICORIN ALKALI CHEMICALS AND FERTILISERS LTD. (1997) 227 ITR 172 (SC) and also CIT V/S. ARVIND PRAKASH MALPANI ITA No. 1131 of 2006 (HC) KAR. 8. On the facts and circumstance of the case, the learned authority ought to have followed the principal of consistency in holding dual portfolio by the applicant as in the previous years, the finding is against ratio of law in the case of CIT V/S. RADHASOAMI SATSANG (1991) 100 CTR (SC) 267. 9. The appellant cra....