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2012 (12) TMI 567 - ITAT MUMBAIShare transactions in a particular case should be treated as investment activity or trading activity – Assessee consider income from sale of shares as Capital Gain – Held that:- The shares which have been sold within three months constitute about 90% of transactions. The pattern of transactions clearly shows that the assessee is trading in shares and is not an investor. Therefore such income shall be treated as business income In so far as long term capital gain is concerned, those shares have been sold after one year and, therefore, considering the holding period, volume and frequency, the income declared by the assessee as long term capital gain is reasonable.
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