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2012 (7) TMI 400 - ITAT, DELHITreatment of surplus of shares transactions as long term capital gains as against business profits assessed by the AO - Held that:- Appellant has been maintaining two separate portfolios, one in the name of his proprietorship concern where the shares and securities are held as trading assets and second in his own account where the investments are made on long term basis and the shares and securities are held as long term investment - the assessee has been returning profit and loss in the trading account as business income and the surplus arising on account of purchase and sale of shares in his own account as short term/long term capital gain/loss for a number of years and this practice has been accepted by the AO all along. In respect of the purchase and sale of shares made by the assessee in his personal capacity in the code allotted in his personal name, Security Transactions Tax has been paid by the assessee and income from sale of shares has all along been accepted under the head shortterm/ long-term capital gains and the mere volume of transactions transacted by the assessee would not alter the nature of transaction - thus in order to maintain consistency, it is a judicially accepted principle that same view should be adopted for the subsequent years, unless there is a material change in the facts - against revenue.
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