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2018 (8) TMI 1636 - AT - Income TaxProfit earned on sale of shares - short term capital gain or business income - nature of income - frequency in transaction - Held that:- Assessee has purchased and sold scrips multiple times, on various dates alleged to have been held as investment within small duration. The magnitude of purchases on each date has been very large in respect of all these shares. Thus in our considered opinion frequency and volume of purchase and sale of shares shows, intention of assessee was to generate income through trade, rather than invest in them. Thus we do not agree with view of Ld. CIT (A) in considering income generated from sale of these shares as “capital gain” instead of “income from business”. - decided in favour of revenue Disallowance under section 14A - Held that:- Admittedly, assessee has not computed any disallowance under section 14 A towards earning of exempt income. We therefore direct Ld. AO to recompute the disallowance under section 14 A (1) read with Rule 8D, on the basis of the decision of Hon’ble Supreme Court in the case of Maxopp investments Ltd vs CIT [2018 (3) TMI 805 - SUPREME COURT OF INDIA]
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