K.S. Jhaveri, J.

1. By way of this Appeal, the Appellant - assessee has challenged the judgment and order dated 31.03.2006 of the Income Tax Appellate Tribunal, Rajkot Bench in ITA No. 451/Ahd./2005 for the Assessment Year : 1993-1994, whereby the Tribunal reversed the decision of CIT (Appeals) and confirmed the order of the Assessing Officer.

2. While admitting the matter on 06.03.2007, the following substantial question of law was framed by the Court for consideration:-

"Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that all the shares sold by the assessee were held by him on business account and not on investment account?"

3. The facts of the case are as under:-

"The appellant - assessee sold in the Assessment Year : 1993-1994, 600 TISCO shares which she had acquired in Financial Year : 1989-1990 and 1700 Essar Shipping shares which she had acquired on 09.07.1991. In her return, she showed a capital gain of Rs. 3,53,964/- by taking the index cost thereof as the cost price. The Assessing Officer found that upto the Assessment Year : 1992-1993, there was no borrowing by the appellant and the appellant was purchasing the sh