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2013 (4) TMI 35 - AT - Income TaxIncome on sale of shares - capital gain or business income - Addition on account of short term capital gain and long term capital gain - CIT(A) deleted the addition - Held that:- It is undisputed fact that the assessee in A.Y. 2006-07 has also entered into transaction in the purchase and sale of shares which thought treated by him as capital gain was considered by the A.O. as business income. CIT(A) while passing the order has held that the facts of the case in the year under appeal are identical as compared to that of preceding year. CIT(Appeals) has not adverted any thing on the case laws as relied upon by the Assessing Officer as to why they are not applicable under the facts and circumstances of the present case. Also find force in the contention of A.R. that in the event of treating capital gain as business income then computation has to be made in accordance with Section 28 of Act. As under the aforementioned facts and circumstances it would be appropriate in the interest of natural justice that matter is remitted back to the file of the CIT(Appeal) to pass a speaking order after giving opportunity of hearing to the concerned parties. Appeal of the revenue is allowed for statistical purpose.
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