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2015 (12) TMI 1525 - AT - Income TaxSale of shares - business income or short-term capital gain - Held that:- All the findings recorded by the ld. CIT(Appeals) in his impugned order as discussed above, which have remained un-rebutted or uncontroverted by the ld. D.R., are considered in the light of the relevant CBDT Circular No. 4 of 2007 as well as the judicial pronouncements cited on behalf of the assessee and relied upon by the ld. CIT(Appeals) in his impugned order, we find ourselves in agreement with the ld. CIT(Appeals) that the relevant shares were purchased and held by the assessee as investment and, therefore, the profit arising from the transactions of purchase and sale thereof is liable to tax in the hands of the assessee as short-term capital gain and not business income. - Decided in favour of assessee
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