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2012 (5) TMI 96 - ITAT DELHITreating short term capital gains in shares as Business income applying maximum marginal rate instead of concessional rate of tax of 10% as per Sec. 111A – Held that:- Where the period of holding is more than six months, the transaction will be in the nature of capital gains and where it is less than six months,it will be in the nature of business - CIT (A) treated the short term capital gains in relation to shares held by the assessee more than six months and the shares held for less than six months have been treated as business income treated not in accordance with the provisions of law - merely because the shares are sold within the short span of one to two months would not change the character of capital gains to the business income - in favour of assessee Assessing short term capital loss on transactions in commodities as Business loss on the basis of nature, volume scale and frequency of transaction – Held that:- AO has not brought any material on record to show that the shares were not held by the assessee as investment - ground in respect of delivery based share transactions, investment and capital loss in respect of commodity transactions on delivery basis both are to be held on account of short term capital gain income and short term capital loss respectively – in favour of assessee. Verify whether the interest paid amounting is compensatory or penal in nature which is not in accordance with the provisions of Section 25(1) – Held that:- Since income to be capital in nature, the direction of ld. CIT(Appeals) about verifying the payment of interest to Indiabulls Financial Services Ltd. becomes infructuous - against revenue.
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