(1.)
(2.) THE captioned cross -appeals by the assessee and the Revenue are directed against the order of the CIT(A) dated 30/11/2012, which in turn, has arisen from an assessment order dated 30/12/2010 passed by the Assessing Officer u/s. 143(3) of the Income Tax Act, 1961 (in short 'the Act') pertaining to assessment year 2008 -09.
(3.) BRIEFLY put, the relevant facts are that the assessee is an individual, who filed his return of income for assessment year 2008 -09 declaring an income of Rs. 56,94,817/ -, which inter -alia, included income from salary, business, Futures and Options, short term/long term capital gains and other sources. The return of income filed by the assessee was subject to scrutiny assessment, wherein the total income has been assessed at Rs. 4,63,70,000/ -, which inter -alia, included certain disallowances, whereby the income shown as short term/long term capital gain on sale of shares and securities was held as 'business income'; and, the stated consideration paid for acquisition of a property was not accepted. On both the issues, assessee carried the matter in appeal before CIT(A). In appeal CIT(A) accepted the plea of the assessee that the short term/long term capital gain earned on sale and purchase of shares and securities was not assessable as 'business income' and, against such a finding of the CIT(A), Revenue is in appeal before us on the basis of Ground of appeal Nos. 1 & 2, reproduced hereinafter: - -