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2007 (10) TMI 295 - MADRAS HIGH COURTDealing in Shares - Capital Asset versus Business Asset – Business profit or capital gains – held that - shares were purchased with a view to sell them at a profit and in fact those shares were sold within the same accounting year, the conduct of the assessee was not to hold them as investment and earn some interest income but to trade in shares. That was clear from the frequency and nature of transactions in shares. Merely because the assessee had shown those shares as investments in its books of accounts, it could not be said to determine that those shares were held on the investment account, whereas, in fact, the close perusal of the paper book showed who the assessee had purchased and sold shares - . In the absence of any material to show that the assessee has changed his business, that they are not dealing with shares, and that the shares were kept exclusively for the investment purpose, we are not able to take a different view than the one taken by the authorities below concurrently – Taxable as business income
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