TaxTMI 
TaxTMI 
2008 (8) TMI 1005
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....vocate for the appellant and perusing the application for condonation of delay, we are satisfied with the grounds stated in the petition. Accordingly, delay is condoned. The application under Section 5 of the Limitation Act is allowed. G.A.No.1271 of 2008 is disposed of. We now take up the appeal. We have heard the learned Counsel for the appellant. We have perused the order passed by the learne....
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.... has been accepted by the revenue, we find no reason why the purchase and sale of shares should be treated as business of the assessee. It appears that the intention of the assessee as is evident from the facts and circumstances is that the shares were its investments. All the shares it has purchased were duly dematerialized. From the balance sheet of the assessee, we find that the credit balance....
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....ollect tax in accordance with the provisions of the Act and this task is entrusted to the Revenue. If due to an erroneous order of the Income Tax Officer, the Revenue is losing tax lawfully payable by a person, it will certainly be prejudicial to the interest of the Revenue. The phrase "prejudicial to the interests of the Revenue" has to be read in conjunction with an erroneous order pas....
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....f the A.O. Considering the facts of the case, in our opinion, the view of A.O. in accepting the shares held by assessee as investment is certainly a reasonably possible view. Merely because the CIT is of the view that the investment in shares should be treated as business and not investment will not render the views of the A.O. to be erroneous. The assessment order can be modified if the same is e....