2010 (1) TMI 7

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..... Tiwari with Mr.R.Asokan for the Respondent. 1. The following questions of law have been formulated in the appeal filed by the revenue against the judgment of the Income Tax Appellate Tribunal, dated 10^th February 2009: "a) Whether, on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified in treating the income from sale of 7,59,003 shares for Rs. 5,00,12,....

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....l source of gathering intention of the assessee as regards to the nature of transaction without appreciating that the entries in the books of accounts alone are not conclusive proof to decide the income?" 2. The Tribunal has entered a pure finding of fact that the assessee was engaged in two different types of transactions. The first set of transactions involved investment in shares. The second....

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.... by the Tribunal as regards the existence of two distinct types of trnsactions namely, those by way of investment on one hand and those for the purposes of business on the other hand. Question (a) above, does not raise any substantial question of law. 3. In so far as Question (b) is concerned, the Tribunal has observed in paragraph 8.1 of its judgment that the assessee has followed a consistent....