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2020 (2) TMI 979 - AT - Income TaxCorrect head of income - Profits realized on sale of shares - Long Term Capital Gains or business income - period of holding - HELD THAT:- As relying on own case [2015 (12) TMI 1816 - ITAT DELHI] intention of the assessee is very much clear as to what stocks are to be treated as business stock and what to be treated as investment stock. The Policy and treatment of stock transaction are clearly reflected in the Balance sheet of the assessee. We thus fully concur with the finding of the Learned CIT(Appeals) that the profit in respect of shares sold during the year (including gain realized on sale of shares of Dawar India Ltd. ) has been rightly treated by the assessee as long term capital gain and thus the Learned CIT(Appeals) has rightly held that the assessee is eligible for exemption under sec. 10(38) of the Act on the said long term capital gain - Decided against revenue.
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