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2010 (12) TMI 678 - AT - Income TaxCapital gain vs. Business income - whether the shares were purchased and held by the assessee as investment or stock in trade and this will depend upon the intention of the assessee at the time of purchase of relevant shares - It is well settled that such intention is to be gathered from the relevant facts of each case and as agreed by the learned representatives of both the sides, there are certain guidelines laid down in the circulars/instructions issued by the CBDT from time to time - It is observed that the claim of the assessee right from the beginning was that all the shares were being purchased and held by her as investment and there was no intention on her part to trade in the delivery based shares - The Assessing Officer thus treated the shares dealt in by the assessee partly as investment and partly as stock in trade merely on the basis of period of holding of the said shares ignoring the fact that the same were purchased by the assessee in a similar manner and treated as investment - n the result, appeal of the revenue is dismissed and the cross objection of the assessee is allowed
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