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2014 (9) TMI 1140 - AT - Income TaxIncome from sale of shares - capital gain or busniss income - Held that:- There was no motive of the appellant to take advantage of concessional tax rate applicable to capital gains and also the various ratios worked out in the above manner, clearly establish that appellant was an investor and not a trader in respect of shares held by it and therefore the assessing officer was not justified in computing the income under the head business as against capital gain shown by the appellant. Claim of deduction u/s 37(1) - CIT(A) set aside the disallowance - Held that:- We are of the view that the order passed by the CIT(A) does not call for any interference. It deserves to be noticed that it is the primary duty of an appellant to point out the errors in the order passed by the CIT(A) and merely relying upon the order passed by the AO, without bringing on record any material to contradict the findings of the CIT(A), could not serve any purpose except indicating the casual approach of the Revenue in dealing with such matters.
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