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2016 (4) TMI 1182 - PUNJAB AND HARYANA HIGH COURTIncome from share transactions - business income or capital gain - Held that:- It could not be effectively pleaded by learned counsel for the appellant that the approach and the conclusion of the Tribunal warranted interference by this court. It was also noticed by the Assessing Officer that the assessee had declared income from trading of shares and which was treated as income of business and profession and normal tax was paid. Further the assessee had claimed income under the head capital gains as short-term capital gains as well as long-term capital gains on some other transactions of dealing in shares. Perusal of the balance- sheet revealed that the shares were shown as stock-in-trade and not as investment. Therefore, the transactions in shares were held to be in the nature of business activity and the income was assessed as income from business and profession. The finding of the Assessing Officer was confirmed by the Commissioner of Income-tax (Appeals). The Tribunal after examining the matter recorded that once the shares had been shown in stock in trade by the assessee itself, it could not be said that the assessee had made investment in such shares and thus these transactions were held to be in the nature of trading transactions. the assessee-appellant was not successful in demonstrating that the findings recorded by the Tribunal were based on either misreading or misappreciation of material on record.
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