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2014 (11) TMI 1090 - ITAT MUMBAITransaction of shares - Long term capital gain OR business income - Held that:- We notice that the assessee has proved the sources for the purchase of shares of M/s Ramakrishna Fincap Ltd and also furnished broker bill and Contract note in support of the same. The brokers have also confirmed the fact of purchase. Since it was an off market transaction, the purchases were not available with the Stock exchange. Thereafter, the assessee has demated the shares in Sep, 2004 and started selling the shares in installments from 4.11. 2004 to 25.4.2005. All the sale have been carried through stock exchange. The Ld CIT(A) have also noticed that the purchase of shares have been duly accounted for in the Balance sheet filed along with the return of income pertaining to assessment year 2004-05 on 1.11.2004. The sale transactions have also been accounted for in the books. The assessee has pointed out that the share price of the above said company has gone up further after its sale by the assessee. Under these set of facts, the Ld CIT(A) held that the assessing officer has merely disbelieved the evidences furnished by the assessee only on surmises and suspicion. Accordingly he allowed the appeal of the assessee in respect of this ground.
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