Consistent treatment made by assessee of share transactions cannot be disturbed by revenue

Advertisement CA Saurabh Chokhra Brief of the case: The ITAT Bench Jaipur in the above cited case held that as per CBDT circular 6/2016 dated 29.02.2016 , if the assessee has treated the securities as investment and not as stock in trade earlier  years,the revenue is not permitted to take a contrary view in the present year to claim  that the security is stock in trade Facts of the case: 1. Assessee filed his return of income declaring total income of Rs. 85,86,760/-. During the course of assessment proceedings, the AO observed that the assessee claimed investment activity and shown short...