2018 (4) TMI 1926

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....ding of the AO in the facts and circumstances of the case. 3. The ld. DR relied on the order of the AO. The ld. AR submits that the issue is covered by the order dt. 29.03.2017 of this Tribunal in assessee's own case for A.Y.2009-10 and referred to para no.4 of the said order and argued that the Tribunal held the stocks were shown as stock-in-trade which has been accepted by the AO for A.Y.2009-10 vide its order passed u/s 143(3) of the Income Tax Act, 1961 (Act). The ld. AR further submits that the CIT(A) for A.Y.rs. 2009-10 to 2010-11 held that the assessee was in the business trading of shares and cannot be said there was no business due to the fact that there was lull in the share market and the income of the assessee is to be treate....

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....e from business. We note that the order of CIT(A) for A.Y.2009-10 was challenged before the Tribunal and the Tribunal considered the treatment of stocks as held by the assessee as stock-in-trade and upheld the order of CIT(A) in computing the income of the assessee from business. The relevant portion of which is reproduced herein below :- "4. We have heard rival submissions. and perused the material available on record. We note that the five scrips .in question were purchased by the assessee on 14.03.2008 and were shown by the assessee as stock in trade which has been accepted by the AO in the previous assessment year done u/s 143(3) of the Act and it has been taken as the opening stock in trade on 01.04.2008. When the AO has accep....