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2011 (3) TMI 874 - ITAT MUMBAIBusiness income Vs. Capital gain - speculative income - AO was of the view that considering the volume of transactions, frequency, utilization of borrowed funds the fact that the assessee is carrying out purchase and sale of shares in organized and systematic manner the AO called upon the assessee to show cause as to why the income offered under the head STCG should not be taxed under the head income from business - the conduct of the assessee in showing income from delivery based transactions as STCG and non-delivery based transaction as business income only shows that but for actual delivery even income from those transactions would have been considered as speculative income and business income - In CIT v. Gopal Purohit [2010 -TMI - 35188 - HIGH COURT OF BOMBAY], wherein it was held that assessee has followed a consistent practice in regard to the nature of the activities, the manner of keeping records and the presentation of shares as investment at the end of the year, in all the years - the conclusion of the CIT(A) that the income from sale of shares declared by the assessee as STCG has to be accepted is correct and calls for no interference. - Decided in favor of the assessee
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