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2014 (4) TMI 866 - HC - Income TaxDismissal of claim of LTCG – Held that:- The Tribunal was of the view that the income or profits gained were business income, having regard to the normal business activities of the assessee and given the pattern of sale and purchase transactions, especially since no books were separately maintained for the purpose - the purchases were shown as investments in the balance sheets for several years before their sale and claim for long term capital gains - There is nothing on the record to show that these were purchased with borrowed funds - the findings of the ITAT with respect to the amount claimed as long term capital gains are sound and do not call for interference – Decided against Revenue. Allowability of claim of STCG – Held that:- Having regard to the short duration of holding of the shares, and the lack of clarity in the account books, the overall effect would be to reveal that the sale and purchase of shares in respect short term capital gain cannot be sustained – thus, the order of the ITAT is set aside to the that extent - the amount shall be treated as business income and not capital gains – Decided in favour of Revenue.
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