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2014 (4) TMI 1104 - AT - Income TaxTreating gains from sale of shares as 'Income From Business' instead on 'Capital Gains' - Held that:- The purchase of IPO is mostly done by the investors as there is less risk of loss. Further, the other attendant facts like; the assessee has utilized its own funds and has shown the shares under the head investment and most important that exactly similar nature of transactions have been held by the Department to be capital gain not only in the earlier assessment years but also in the subsequent assessment year. Thus, there has been consistency which has been accepted. This goes to show that the intention of the assessee was only for the purpose of making investment and not for entering into any venture of trade. Under these facts and circumstances, we hold that the gain arising out of sale of shares should be assessed as capital gain and not as a business income. The fundings of the Assessing Officer and the learned Commissioner (Appeals) are based on various decisions which cannot be held to be applicable universally in all the cases, because in such kind of transaction, each fact of the case has to be analysed, depending upon the intention of the assessee and also the other attendant circumstances. - Decided in favour of assessee Disallowance u/s 14A - Held that:- on a perusal of the relevant material on record, it is seen that the assessee has only debited sum of ₹ 2,170 as expenditure which is on account of bank charges and accountant fees. These expenditures cannot be, in any manner, said to be attributable for earning of the exempt income. Thus, when there is not much expenditure claimed in the Profit & Loss account, then there is no question of disallowance under section 14A. - Decided in favour of assessee
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