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2015 (6) TMI 198 - ITAT MUMBAITransaction of shares - Short Term Capital Gains and Long Term Capital Gain or business income - Held that:- Activities of the assessee clearly prove that the assessee wanted to maximise the profit and not interested in appreciation of value of the scripts.In our opinion, entries in the books of accounts is one of the deciding factors,but not the conclusive factor to decide as to whether the assessee was a trader or investor of shares covered under the head STCG In the present case,we do not find that the assessee was in investor for the shares which were taxed under the head STCG.As far as the shares of Zicom Elec.are concerned,we are of the opinion that same had been rightly taxed under the head LTCG by the FAA. In our opinion,to that extent,the order of the FAA has to be endorsed. But,we are reversing his order for the shares that were taxed under the head STCG by the AO.In short,considering the peculiar facts and circumstances of the case we are of the opinion that assessee was not an investor, but was a trader.Thus,partly confirming the order of the FAA,we are are deciding the effective ground of appeal in favour of the AO,in part. - Decided in favour of assessee in part.
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