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2014 (5) TMI 142 - DELHI HIGH COURTNature of income – STCG/LTCG OR business income - dealing in shares for the last 3-4 years while engaged in trading of educational books – Held that:- Both the CIT(A) and Tribunal was of the view that even though separate books of accounts were not maintained, the assessee had kept details of the share transactions with respect to each transaction of the sale of shares claimed as an investment which yielded income by way of capital gain - apparently dividend income was returned to the tune of Rs.2,65,634/- which was also offered for taxation - CIT(A) analysed every transaction and treated the profit arising on account of sale within a month from the date of purchase as a business income and the rest as capital gain - The Tribunal rightly held that out of the total capital gains claimed by the assessee to the tune of Rs.65,70,492/-, Rs.63,30,607/- was in respect of shares held as investment and disclosed as such in the audited balance sheet - this is itself indication that the volume-frequency-regularity test was applied – thus, no substantial question of law arises for consideration – Decided against Revenue.
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