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2011 (4) TMI 3 - ITAT MUMBAI
Capital gain or business income - Assessee HUF earned income from business, capital gains and other sources and declared total income of Rs. 45,57,970 - Assessing Officer issued a SCN calling upon the assessee to explain as to why income thereon should not be treated as business income arising out of trading in share - From the analysis of the data it is clear that this is a case of an investor cum trader - In the earlier year AO accepted the transaction as investment in the shares
The transactions of purchase and sale of shares, in the instant case, deserves to be considered as investment and profit thereon has to be assessed to tax under the head ‘capital gains’.