Case Law Details
RELEVANT PARAGRAPH
The following questions of law have been formulated in the appeal filed by the revenue against the judgement of the Income Tax Appellate Tribunal, dated 10th February 2009:
“a) Whether, on the facts and circumstances of the case and in law, the Honourable ITAT was justified in treating the income from sale of 7,59,003 shares for Rs. 5,00,12,879/ as an income from short term capital gain and sale of 3,88,797 shares for rs . 6,65,02,340/ as long term capital gain as against the “Income from business ” assessed by the A.O.?
b) Whether, on the facts and circumstances of the case and in law, the Honourable ITAT was justified in holding that principle of consistency must be applied here as authorities did not treat the assessee as a share trader in preceding year, in spite of existence of similar transaction, which cannot in any way operate as res- judicata to preclude the authorities from holding such transactions as business activities in current year?
c) Whether, on the facts and circumstances of the case and in law, the Honourable ITAT was justified in holding that presentation in the books of account is the most crucial 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?”
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