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2014 (6) TMI 429 - AT - Income TaxNature of gain – Purchase and sale of shares – STCG or Business income – Held that:- Following ACIT Circle-4(2), Versus Upendra K. Doshi [2014 (2) TMI 505 - ITAT MUMBAI] the assessee is in respect of the shares held and disclosed by him as an investment in his accounts, to be treated as an investor, so that the same are capital assets, yielding capital gains, whether long-term or short-term, i.e., depending upon the period of holding - assessee’s disclosure in accounts is not conclusive by itself, and a number of relevant parameters, viz. regularity, frequency, volume, trading and financing pattern, etc., also specified by the Board per its Circular, are required to be looked into to determine the nature of an asset, which is thus primarily a factual matter – the assessee is to be treated as investor and the shares held as investments - The shares brought forward from the earlier years would only be capital assets – thus, the contention of the assessee is accepted that the shares transferred as representing capital assets, so that the gain/loss is assessable under the head ‘capital gains’ and not as business income – Decided in favour of assessee.
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