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2011 (12) TMI 254 - ITAT DELHISale/Purchase of Share - "Capital Gain OR Business Income" - Assessee invested under Portfolio Management Scheme - Quantity share traded is huge - Motive to earn profit - Trading through DEMAT account on delivery based - Held That:- Simply because the assessee treated the deposits made under PMS as investments and balance shares lying in DEMAT account as on the last day of the accounting year under the head 'investment' would not change the character of trading done by the portfolio manager on behalf of the assessee. When the shares are treated as "Business Income" question of exemptions under 10(38) do not arise. Principle of res-judicata not applicable to Income tax - Held That:- Since in preceding A/Y such income was treated as "Capital Gain" is no bar to treat the same as Profit or Gains of "Business Profession".
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