Stay against Income Tax Demand if Assessee not produced his Present financial position?

The ld. Counsel for assessees submitted that there are number of judgments from the ITAT on the issue of treating the portfolio management income assessable as capital gains and not as income from “business or profession”. Further assessee is an investor for long period and the long term capital gain arose from the transactions of purchase of shares in year 2004 and in earlier years these incomes were accepted as capital gains only. However, the present financial position of assessee was not furnished before us. After considering the rival arguments, we are of the view that the stay as pra...