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2012 (5) TMI 418 - ITAT, AHMEDABADCapital gain or business income - assessee is an individual and the sources of income are trading in shares and salary income. - held that:- the assessee was holding the shares as investment from year to year. - There was no basis for treating the assessee as a trader in shares, when his intention was to hold the shares in the Indian companies as an investment and not as stock-in-trade. - In the instant case, number of transactions is stated to be 1000 in 255 scrips while in the preceding year their number was 533 in 275 scrips. Even for frequency, it was explained by learned counsel that the assessee was mostly making the investment in B-Group scrips and to avoid risk he made investment in several scrips instead of investing in one scrip - the assessee disclosed income from capital gains/dividends in earlier years and the shares have all along been treated as investments in the books of account/balance-sheets. - Decided in favor of the assessee
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