JUDGMENT : M.R. Shah, J. 1. Feeling aggrieved and dissatisfied with the impugned judgment and order dated 01.06.2016 passed by the learned Income Tax Appellate Tribunal, "D" Bench, Ahmedabad (hereinafter referred to as "ITAT") in ITA No. 3124/Ahd/2010 for the AY 2007-08, the Revenue has preferred the present Tax Appeal with the following proposed question of law. "Whether on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal is right in directing the assessing Officer to treat a sum of Rs. 36,89,026/- & Rs. 29,39,046/- short term/long term capital gain and not business income?" 2. We have heard Shri Sudhir Mehta, learned Counsel appearing on behalf of the Revenue. 3. The short question which is posed for consideration of this Court is whether the investment made by the assessee in the shares can be said to be during the course of trade or business or it was by way of investment and as an investor? 4. Having heard Shri Mehta, learned Counsel appearing on behalf of the Revenue and considering the impugned orders passed by the learned Assessing Officer, learned CIT(A) and learned ITAT, it appears that considering the material on record more particularly the magnitude of transactions in purchase and sale of the shares and considering the fact that the loan taken by the assessee had nothing to do with the investment in the shares, meaning thereby the assessee did not purchase the shares out of the amount of loan, it appears that the learned ITAT has rightly treated and considered the assessee as investor and rightly treated the income not as business income and has rightly held that the income derived by sale/purchase of such shares shall be allowable as Short Term Capital Gain and Long Term Capital Gain as the case may be. The view which we are taking is supported by the decision of the Division Bench of this Court in the case of Commissioner of Income-tax, Ahmedabad-III v. Nita M. Patel reported in (2014) 42 taxmann.com 125 (Gujarat). 5. In view of the above it cannot be said that any substantial question of law arise in the present Tax Appeal more particularly as suggested by the Revenue. 6. In view of the above and for the reasons stated above, present Tax Appeal fails and the same deserves to be dismissed and is, accordingly, dismissed.