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2013 (3) TMI 508 - AT - Income TaxLong Term Capital Gain or business income - Additional evidence under rule 46A - Rejection of exemption claimed by assessee u/s. 10(38) - Treating Short Term Capital Gain as business income - Interest u/s. 234B and 234C - Held that :- CIT(A) vide para 5.1 and 5.2 has stated that assessee was not prevented by any cause to produce said documents before AO and therefore did not admit additional evidences / documents. - The Hon’ble Jurisdictional High Court in the case of Smt. Prabhavati S. Shah v. CIT (1998 (2) TMI 107 - BOMBAY HIGH COURT) has held that the Appellate authority should not refuse to make enquiry in the case where facts and circumstances so demand. - documents proposed to be filed by assessee are relevant and necessary to be considered to decide the issue as to whether shares were held by assessee as investment or stock-in-trade. - CIT(A) directed to consider additional evidence - decided in favor of assessee - matter remanded back.
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