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2011 (11) TMI 253 - AT - Income TaxShort term capital gain vs Business income – assessee engaged in purchase & sale of shares in addition to business of marketing and distribution of books and magazines – Held that:- Shares were treated as investments, investments were made from own funds, assessee does not have his own infrastructure to carry on share trading activity, easy access to the infrastructure of Quantum Securities (P.) Ltd., short period of holding, availability of experience and knowledge and undertaking large number of transactions do not override the original intention of investment in shares. Further, prior and subsequent acceptance of the assessee as investor in shares coupled with the fact that bulk of profit has been earned from sale of bonus shares which are taken as investment because of the history of the case out weigh other factors. Accordingly, surplus realized on sale of shares is taxable under the head "capital gains".- Decided against the Revenue.
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