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2017 (2) TMI 1101 - ITAT MUMBAIIncome arising on sale purchase of shares - ‘income from business’ OR "Capital gain" - Held that:- Assessee has always disclosed the amount of shares as part of ‘investments’ and the resultant gain on sale of shares was assessed as‘income from capital gains’. The claim of assessee has always been accepted as such except in this year. Further, Ld. CIT(A) has held that the holding period of the shares even in those cases where short term capital gain has been earned was like 117 days, 300 days, 344 days and 144 days etc. AO has discussed in the Assessment order at page 12 about only part of the transactions wherein shares were held for only few days. It was shown that the gains/loss incurred on such shares constituted for not more than one-third of the total amount of short term capital gain disclosed by the assessee in its return of income. Thus the gain earned by the assessee has rightly been shown as ‘income from capital gains’. The findings recorded by Ld. CIT(A) are well reasoned and correct in view of the facts of this case as well as under the law. - Decided against revenue
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