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2012 (8) TMI 306 - HC - Income TaxIncome earned from trading in shares - under the head 'LTCG/STCG' OR 'Income From Business & Profession' - Held that:- Where number of transactions of sale and purchase of shares takes place, the most important test is the volume, frequency, continuity and regularity of transactions of purchase and sale of the shares and where there is repetition and continuity, coupled with magnitude of the transaction an inference can be drawn that activity is in the nature of business - as the transaction of sale of shares and volume were substantial in the case of assessee and revenue could not demonstrate that there were large number of transactions which had frequency, volume, continuity the income earned by the assessee from trading in the shares under the head 'LTCG/STCG' was shown correctly - in favour of assessee.
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