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2016 (1) TMI 1225 - AT - Income TaxProfit on sale of shares - Long Term and Short Term Capital Gain OR business income - Held that:- CIT(A) has rightly held that the transaction of shares carried out by the assessee during the year should be treated as investments and the short term capital gain on sale of such shares shall be assessed under the head capital gain and not as business income. The reason being that the assessee’s business was not that of share transaction but that of providing online and real time education to retail and institutional plans on a variety of programmes and subject. In fact in earlier year also the CIT(A) has held the same. Therefore, Ground No. 1 of the Revenue is dismissed. Depreciation on computer accessories and peripherals - Held that:- Depreciation has been rightly allowed by the CIT(A) on the basis of decision in case of CIT vs. BSES Rajdhani Power Ltd. [2010 (8) TMI 58 - DELHI HIGH COURT ] wherein it was held that computer accessories and peripherals such as printers, scanners and server etc. form an integral part of the computer system and are therefore, entitled to depreciation @ 60%. The issue is covered discussed therein is in favour of the assessee. Section 14A though was discussed by the Assessing Officer and CIT(A), but the same was not in consonance with invocation of Rule 8D. Thus, this issue needs to be looked into, therefore, we remand back this issue to the Assessing Officer.
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