2011 (2) TMI 1630

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.... C.D.Rao, Accountant Member.: The revenue is in appeal against the order dt. 28-10-2009 of the Commissioner of Income-tax (Appeals), Kolkata for the AY 2006-07. 2. The only ground taken by the revenue is as under:- On the facts and in the circumstances of the case, Hon'ble CIT(A) has erred in treating the income of Rs.2,97,68,343/- as Long term capital gain which should be treated as income f....

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....t pages 1-13 & 14-36 of the paper book filed by the assessee. 4. After hearing the rival submissions, on careful perusal of the material available on record, it is observed that the ld.CIT(A) has directed the AO to accept the long term capital gain and short term capital gain by observing as under:- "In view of the discussion and respectfully following the Kolkata Tribunal decision in Reliance ....