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2015 (8) TMI 1373 - AT - Income TaxSurplus arising from sale of shares and securities - short term capital gains OR business income - Held that:- CIT(A) while deleting the addition and after placing reliance on the decision in the case of Ahmedabad Tribunal in the case of ACIT vs. Hipolin Ltd. [2009 (9) TMI 950 - ITAT AHMEDABAD has given a finding that the investment in shares were shown by the Assessee under the head investment and not stock in trade, Assessee had not incurred any interest expense for making the investment and the STT paid by the Assessee has not been claimed as deduction in the computation of income. He has further given a finding that Assessee during the year has not purchased any shares from the groups involved in IPO scam. Before us, Revenue has not controverted the findings of ld. CIT(A) nor has brought on record any contrary binding decision in its support. Thus no reason to interfere with the order of ld. CIT(A) and thus the ground of Revenue is dismissed.
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