DCIT Vs. DISCOVER INDIA TOURS PVT. LTD.

JUDGEMENT

(1.) THIS appeal, by the department, is preferred against the order of the CIT(A) -VI, New Delhi dated 08 -03 -2013 in appeal No. 115/12 -13 for assessment year 2008 -09.

(2.) "Whether the CIT(A) under the facts and circumstances of the case and in law was justified in treating the income from sale & purchase of shares as "Long Term Capital Gain" instead of 'business income' as assessed by the Assessing Officer."

(3.) BRIEF stated facts, giving rise to this appeal, are that the case was selected for scrutiny under CASS and a notice u/s. 143(2) and another notice u/s. 142(1) of the Income -tax Act (for short "the Act"), along with questionnaire was issued to the assessee on 1 -7 -2010. The AO finalized the assessment by observing that the alleged long term capital gain, earned on entire sale/purchase of shares, deserved to be treated as 'business income' and, thus, he treated the same as 'business income' by rejecting the special tax treatment as per section 111(A), denying exemption u/s. 10(38) of the Act.