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2010 (11) TMI 714 - ITAT, MUMBAI
Capital gain or Business income - The Central Board of direct Taxes in its instruction no.1827 dated 31.8.1989 had laid down certain tests to distinguish between shares held as stock–in–trade and shares held as investment - Since there was no change in the modus operandi of the assessee from earlier year, there was no reason to deviate from earlier year’s conclusions - Assessee’s claim regarding long term capital gain has not been disturbed by the Assessing Officer and, thus, Assessing Officer himself has accepted that the assessee was investor in shares also – Appeal is dismissed