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2014 (2) TMI 1274 - AT - Income TaxIncome from transaction of shares - short term capital gain or business income - Held that:- The CIT(A) after applying the proposition laid down in the various decisions as discussed above with respect to the facts of the instant case and also keeping in view frequency and continuity of transactions, it recorded categorical finding to the effect that profit earned in respect of four companies as discussed above amounting to ₹ 18,41,027/- was liable to be taxed as business income rather than capital gain. However, in respect to balance of transactions, the CIT(A) has categorically recorded a finding that these were delivery based transactions, therefore, keeping in view the frequency, continuity and volume of transactions, profit arose therefrom are liable to be taxed as short term or long term capital gains depending on the period of holding. The findings recorded by the CIT(A) are as per material on record, therefore, the same do not require any interference. Accordingly, we do not find any infirmity in the order of CIT(A), which is being upheld.
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