(Per : HONOURABLE MR.JUSTICE V. M. SAHAI) We have heard Mr. M.R. Bhatt, learned Senior Standing counsel assisted by Mrs. Mauna M. Bhatt, learned Standing Counsel for the revenue.
ADMIT.
We formulate the following substantial questions of law which arises in this appeal :-
"[A] Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in upholding the C.I.T. (A)'s order directing the Assessing Officer to treat the assessee as an investor and to compute the income from the transactions of sale and purchase of shares under the head capital gain ?
[B] Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in relying upon the decision in the case of CIT v. Gopal Purohit 228 CTR 582 (Bom), and based thereupon directing that the assessee be treated as an investor, ignoring that the facts in the case relied upon were distinguished from the facts in the case of the assessee, thereby ignoring the settled proposition laid down in this regard by the Hon'ble Supreme Court in the case of CIT v. Sun Engineering Works (P) Limited 198 ITR 297 (SC) (P.320) ?
[C] Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in upholding the C.I.T. (A)'s order directing the Assessing Officer to compute the income from the transactions of sale and purchase of shares made through PMS, under the head capital gain ?"
Issue notice to the other side. Paper book be filed within 3 months.
Office is directed to place copy of this order in each connected appeals.
[V.
M. SAHAI, J.] [N.
V. ANJARIA, J.] Savariya Top