COMMISSIONER OF INCOME TAX Vs. BANKIM JAYANTILAL SHAH

JUDGEMENT

(1.) Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal ('the Tribunal' for short) dated 25.5.2012 raising following question for our consideration:

(2.) Having perused the documents with the assistance of the learned counsel for the Revenue, in the present case, the Tribunal noted that the assessee had held three scrips for period of 1380 days which were then sold for a gain of Rs. 61.11 lacs. Other lone transaction during the year under consideration was sale of one scrip valued at Rs. 672/-. The Tribunal was of the opinion that merely this scrip was held only for one day would not be sufficient to hold that the assessee was in the business of trading in shares. The entire issue having been examined by the Tribunal on the basis of peculiar facts, in our opinion, no question of Law arises in this appeal. To reiterate, during the entire year under consideration the assessee had sold only three scrips which were previously held by the assessee for 1380 days. One more transaction of solitary nature in addition to the above sale of three scrips was entered by the assessee. To our mind, the Tribunal was, therefore, justified in repelling the Revenue's stand that the assessee was engaged in the business of trading in shares.