Assessee-company, engaged in business of investment in shares, mutual funds and debentures, declared short-term capital gain on purchase and sale of shares and mutual funds and assessment was completed. CIT set aside the order on the ground that the  Assessing Officer did not properly examine question as to whether gain on purchase and sale of shares and securities had to be assessed as capital gain or income from business and directed Assessing Officer to make a fresh assessment.  Assessing Officer held that gain on sale of shares had to be assessed as business income.   Tribunal allowed the appeal of the assessee. On appeal the Tribunal held that   shares and mutual fund had been held as an investment and not as stock-in-trade and similar transactions were accepted by department for earlier year and subsequent assessment years as giving rise to capital gain and not as business income. High Court affirmed the order of Tribunal.  (AY.  2006-07)