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2014 (9) TMI 1067 - HC - Income TaxTreatment to gains from share transaction - capital gain or business income - Held that:- It is seen that the appellant has consistently been showing her shares as investments and the same has been accepted as such by the department in earlier years and the Assessing Officer has not brought in any fresh evidence in his Assessment Order for the present year to the contrary. He has simply referred to the magnitude of share transaction and come to his own conclusions about the intentions of the appellant. The detailed evidences and write up given by the appellant in support her arguments, substantiate her claim of being an investor. It is also clear that the assertion that she is an investor can only be challenged on the basis of her own records and transactions which could indicate that it is actually doing trading business. This is not there in the appellant’s case and the A.O. has failed to do so other than making a longwinding analysis of the guidelines laid out in CBDT Circular No.4/2007. Contention of the appellant is accepted and the income from share transactions treated as Capital Gains.
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