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2014 (2) TMI 1156 - AT - Income TaxBusiness Income or short term capital gain - profit on transactions of shares - Held that:- CIT(A) has very elaborately dealt with the appeals of assessee and has examined all the objections raised by the Assessing Officer and has rightly held the income as short term capital gain instead of business income and we do not find any infirmity in the same. The case law relied upon by Ld DR do not have similar facts and circumstances. The contention of Ld DR that in succeeding years assessments were completed u/s 143(1) therefore assessee cannot claim the benefit of continuity also does not carry much force as for all practical purposes. Assessments u/s 143(1) remains assessment and moreover otherwise also assessee has strong case in her favour as she had been classifying the cost of shares as investment and not as stock in trade which is important indication of intention of the assessee. - Decided against Revenue.
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