COMMISSIONER OF INCOME TAX Vs. ROHIT ANAND

JUDGEMENT

(1.) The present appeal has been filed under Section 260A of the Income-tax Act, 1961 (for brevity "Act, 1961") challenging the order dated June 23, 2009 passed by the Income-tax Appellate Tribunal (in short "Tribunal") in I. T. A. No. 1915/Del/2009, for the assessment year 2006-07.

(2.) Ms. Prem Lata Bansal, learned Counsel for the Revenue submitted that the Tribunal had erred in law in holding that the profit earned by the respondent-assessee on sale of shares was assessable as capital gain and not as profit and gains of business. Ms. Bansal further submitted that the Tribunal was not correct in holding that the share transactions carried out by the respondent-assessee were not with an intent to deal in shares.

(3.) However, upon a perusal of the impugned order, we are of the opinion that no substantial question of law arises in the present proceedings inasmuch as both the Commissioner of Income-tax (Appeals) and the Tribunal have given cogent reasons in arriving at the conclusion that the respondent-assessee was not a trader in stock but only a investor and further his income on sale of shares was not business income. In fact, the Tribunal in its impugned order has observed as under: