COMMISSIONER OF INCOME TAX Vs. R F DADABHOY

JUDGEMENT

(1.) The Revenue has filed this appeal calling in question the order of the Income Tax Appellate Tribunal 'C' Bench, Chennai, dated 7.2.2013 made in I.T.A.No.1029/Mds/2011 for the assessment year 2006-2007, by raising the following questions of law:

(2.) In a nutshell, the department is aggrieved by the order of the Tribunal confirming the order of the Commissioner of Income Tax (Appeals), who held that the income of the respondent/assessee from sale of shares should be brought under the head "capital gains" and not under the head "business" .

(3.) There is not much of fact to be added than what has been recorded by the Commissioner of Income Tax (Appeals) and extracted by the Tribunal in paragraph (5) of its order. We set out the same hereunder for better clarity: