2022 (2) TMI 1389

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....v. ... for the appellant Mr. R.K. Murarka, Sr. Adv. Ms. Sutapa Roy Choudhury, Adv. Ms. Aratrika Roy, Adv. ... for the respondent ORDER The Court : This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 3rd May, 2017 passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata (Tribunal) in ITA No.1302/Kol/2014 for t....

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....ain of Rs.97,51,280/- Short Term Capital Gain of Rs.1,48,40,879/- instead of normal business income without considering the fact that frequency of transaction, non-maintenance of separate demat account of investment and for trading suggests that sale of shares are normal business income in nature? c) Whether on the facts and in the circumstances of the case the Learned Income Tax Appellat....

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....pellant/revenue and Mr. R. K. Murarka, learned senior counsel, duly assisted by Ms. Sutapa Roy Choudhury and Ms. Aratrika Roy, learned counsel appearing for the respondent/assessee. Learned senior counsel appearing for the respondent/assessee submitted that the tax effect for the assessment year under consideration is below the threshold limit fixed by the CBDT Circular. In this regard, our att....