1 itxa3391-10 sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.3391 OF 2010 The Commissioner of Income Tax-15, Mumbai ..Appellant. V/s. Shri B. N. Mittal (HUF) ..Respondent. Mr. Ravindra A. Lokhande for the appellant. None for the respondent. CORAM : J.P. DEVADHAR AND K.K. TATED, JJ. DATED : 16TH AUGUST, 2011 P.C. :- 1. Whether the ITAT was justified in holding that the income received by the assessee on sale of shares was liable to be assessed as short term capital gains instead of assessing it as business income as held by the assessing officer, is the question raised in this appeal. 2. The ITAT in para 4 of its order has recorded a finding of fact that the assessee held the shares for a considerable period of time, during which the assessee received bonus shares and also dividend. Accordingly, the Tribunal held that the assessee cannot be said to be 2 itxa3391-10 trading in shares but held the shares as investment and, therefore, the income from the share transaction was liable to be assessed under the head short term capital gains. The decision of the Tribunal is based on finding of fact and no substantial question of law arises out of the order of the Tribunal. The appeal is, therefore, dismissed with no order as to costs. (K.K. TATED, J.) (J.P. DEVADHAR, J.)