COMMISSIONER OF INCOME TAX Vs. SONIA UPPAL

JUDGEMENT

(1.) This appeal has been preferred by the revenue under section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 11.4.2013, Annexure A.4 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B' (in short, "the Tribunal") in ITA No.175/Chd./2013, claiming following substantial question of law:-

(2.) A few facts relevant for the decision of the controversy involved, as narrated in the appeal may be noticed. The assessee disclosed short term capital gains at Rs. 67,41,488/- in her return of income which was treated by the Assessing Officer as income from adventure in the nature of trade as the income was treated as business income. The Assessing Officer drew support from the CBDT's instruction No.1827 dated 31.8.1989 and circular No.4 of 2007 dated 15.6.2007. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 18.12.2012, Annexure A.3, the appeal was partly allowed, deleting the addition of Rs. 1 lac. Not satisfied, the assessee filed appeal before the Tribunal. Vide order dated 11.4.2013, Annexure A.4, the appeal was allowed. Hence the instant appeal by the revenue.

(3.) We have heard learned counsel for the appellant and perused the record.