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2012 (10) TMI 1116 - HC - Income TaxGain on sale of shares - capital gain or busniss income - Held that:- Commissioner as well as the Tribunal concurrently found as a matter of fact that looking to the relevant factors including the amount of shareholding of the assessee, the volume and the frequency of the purchase and sale of shares etc., it cannot be stated that the assessee was in the business of trading of shares. More significantly, we find that the assessee had sold shares only worth ₹ 83,712/- during the year under consideration inviting short term capital gain. As against that, bulk of the shares were held by the assessee for a long period of time inviting long term capital gain for a total sum of ₹ 53,84,239/-. Totality of the facts and circumstances of the case would lead to an inescapable conclusion that CIT (Appeals) as well as the Tribunal correctly applied the factual and legal position.
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