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2013 (10) TMI 321 - HC - Income TaxClassification of head of income – Income on sale of scrip to be taxed under head ‘Business Income’ or ‘Income under the head Capital gains’ – Held that:- Assessee had held three scrips for period of 1380 days which were then sold for a gain of ₹ 61.11 lacs. Other lone transaction during the year under consideration was sale of one scrip valued at ₹ 672/- - Merely this scrip was held only for one day would not be sufficient to hold that the assessee was in the business of trading in shares – Decided against the Revenue.
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