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Hi probal

Thanks for the reply and specially the judgment you quoted. Unfortunately, my appeal is with the same CIT who represented the department in the case AMP Spn. and Weaving Mills Ltd. and got the judgment in favor of department.

Basically, my client is a ship breaker. He had done investment in IPO during the year. His investment in IPO was under High Networth category. He had taken loans from group companies and family members to apply in the IPOs. Almost each  of his application were above Rs.5 Crores. After getting the allotment, he had immi. sold the stocks. He also did some buying and selling transactions from which he earned Short Term capital gain. 

Department has taken a criteria that, gains earned from shares which were held for more then 30 day is to be treated as Short Term and gain from shares held less then 30 days as adventure in nature of trade.

I have piled up many judgments include Janak Rangwalla. Please see you if u can guide me  with some idea and judgments.

Thanks and Regards
Vipul 

[Any one help me with correct citation of this judgment or rather similar judgment ?]

I read article  "Controversies" in Ahmedabad Chartered Accountant's Journal . It was by Mr K D Shah CA.
He has mentioned one judgment of Kruti Marketing Ltd v. Asstt CIT (2001) 118 Taxman 194 (Ahmd) where it is held that, the allotment of shares in IPO is not to be considered as purchase. The citation mentioned is wrong. I have been trying to contact Mr K D Shah to get the correct the judgment, but not able to speak to him.

Any one help me with correct citation of this judgment or rather similar judgment ?

Please help.
Thanks