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2015 (2) TMI 1204 - AT - Income TaxIncome from sale of shares - capital gain or business income - Held that:- The assessee has not used any borrowed funds and the transactions done by him are within the assessee’s financial capacity. The entries in the books of account reveal that the shares are shown as investments. Assessing Officer has not brought any case of repetitive transactions too. The decision of the ITAT in the case of Naishadh V. Vachharajani [2011 (2) TMI 84 - ITAT MUMBAI] is relevant for the proposition that the transaction as a whole has to be taken in consideration and the magnitude of the transaction does not alter the nature of transaction. Considering the same, we are of the opinion that the CIT (A) has rightly adjudicated the issue in directing the Assessing Officer to treat the said amount as short term capital gains only and not as the business income. Therefore, the decision of the CIT (A) is fair and reasonable and we find no infirmity in the order of the CIT (A). - Decided against revenue
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