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2011 (8) TMI 1377
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.... Per Mahavir Singh, JM This appeal by revenue is arising out of order of CIT(A)-XII, Kolkata in Appeal No.23/XII/Cir-11/10-11 dated 29.06.2010. Assessment was framed by DCIT, Circle-11, Kolkata u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2008-09 vide his order dated 31.03.2010. 2. The only issue in this appeal of revenue is against the....
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.... STCG earned by assessee and disclosed as it is, as income from business. Assessing Officer noted that in Assessment Year 2005-06 and 2008-09 facts are exactly identical which is as under: "The assessee's submissions were carefully considered. It is noted that it has been submitted that facts of A.Y. 2005-06 and 2008-09 are the same. It is also noted that for assessee's case in A.Y. 2005-....
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....d STCG as business income on the ground that the appellant had frequent and numerous transactions with volumes and carried out share transactions in a systematic and organized manner. The A.O. also agreed that identical issue and same facts are involved this year also. However, this year there is issue on short term capital gains. Respectfully following the Hon'ble Kolkata Tribunal order ....