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2011 (4) TMI 42 - ITAT MUMBAIBusiness income or Capital gain - The assessee submitted that the same cannot be treated as business income since the assessee is doing investment in shares and securities in recognized stock exchanges - The assessee has not maintained separate bank accounts - It is the case of the revenue that due to volume, magnitude, frequency, continuity, regularity, the ratio between purchase and sale clearly indicate that income on account of purchase and sale of shares should be treated as income from business and not as income from STCG Assessment Years 2003-04 to 2008-09, the Assessing Officer has consistently accepted the STCG shown by the assessee except for Assessment Year 2006-07 i.e. the impugned assessment year - IN CIT vs Gopal Purohit (2010 -TMI - 35188 - HIGH COURT OF BOMBAY)it was held that: the delivery based transactions in the present case should be treated as those in the nature of investment transactions and the profit received there from should be treated either as “short term” or “long term” capital gain depending upon the period of holding. - Decided in the favour of the assessee
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