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2013 (2) TMI 683 - AT - Income TaxIncome from sale of shares - ‘capital gains’ OR ‘business’ - Held that:- Going through the order of Commissioner of Income Tax (Appeals), we find no good reason to interfere with the findings of Commissioner of Income Tax (Appeals) in holding that the assessee is only an investor and the intention of the assessee is only to invest in shares and there is no motive of trading in business activities in shares. The Commissioner of Income Tax (Appeals) also held that all the transactions are delivery based transactions and no borrowed funds were utilized for making such investments . The assessee has been dealing in investments in shares in earlier years and reported as income from sale of shares either under the head short term capital gains or long term capital gains and this position was not disturbed by the Department. The Revenue could not file any material evidence to rebut the above findings of the Commissioner of Income Tax (Appeals). - Decided against revenue.
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