2021 (7) TMI 224

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....M. Duraiswamy , J. 1. Challenging the order passed in I.T.A. No. 1755/Mds/2012 in respect of the Assessment Year 2005-06 on the file of the Income Tax Appellate Tribunal, "D" Bench, Chennai, the Revenue has filed the above appeal. 2. The assessee filed return of income for the Assessment Year 2005-06 declaring a total income of Rs. 2,01,19,494/-. The return of income was processed under Sect....

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....ng is to be treated as normal business income and thus is liable to be taxed at 30%. Aggrieved over the assessment order, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals) and the Appellate Authority held that the profits arising from the sale of shares held for more than 30 days is to considered as short or long term capital gain depending upon the period of holding....

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....ncome and such bifurcation of 30 days is unsustainable? 4. The Tribunal found that there is nothing on record to show that the assessee was maintaining separate books of account for trading in shares and investment in shares. Further, the bonus units of shares were allotted to the assessee on 26.02.2004 and the same were sold by the assessee on 01.03.2005. Since the holding period is more than ....