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2019 (4) TMI 1182 - BOMBAY HIGH COURTTaxability of LTCG & STCG as business income - assessee had treated the shares as investment, the number of transactions during the year were not large and held the shares for reasonably long period before selling - HELD THAT:- We are broadly in agreement with the view of the Tribunal. Most significant aspect as noted above is that out of total gain of ₹ 1,10,35,000/-, only 12,000/- represented short term capital gain. That apart, the CBDT has now issued Circular dated 29.2.2016 which provides that subject to certain conditions, any receipt of listed shares and securities held by an assessee for a period of more than 12 months if the assessee desires to treat the income from transfer of shares as capital gain, the same shall not be put to the dispute by the Assessing Officer. However, the stand of the assessee once taken would not be changed later. Under these circumstances, no question of law arises - Appeals dismissed.
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