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2013 (9) TMI 1013 - AT - Income TaxIncome earned from sale and purchase of shares - ‘capital gains’ OR ‘business income’- Held that:- In the assessee’s own case for assessment year 2007-08 has upheld the stand of the assessee to the effect that income earned from sale and purchase of shares was assessable as ‘capital gain’ instead of ‘business income’ as contended by the Assessing Officer. - Decided in favour of assessee. Fees paid to ENAM Asset Management Company Pvt. Ltd. - whether under the head ‘business’ or under the head ‘capital gains’ - Held that:- Carefully considered the rival submissions and also the precedent in the assessee’s own case by way of the order of the Tribunal [2012 (8) TMI 195 - ITAT, Pune] he Tribunal considered the allowability of expenditure incurred by way of payment of fees of ENAM Asset Management Company Pvt. Ltd. in terms of the investment agreement dated 01.01.2005, which is precisely the issue before us also. The Tribunal referred to its earlier decision in the assessee’s own case for assessment year 2004-05 and noticed that the issue has been decided in favour of the assessee. - Decided in favour of assessee.
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