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2010 (10) TMI 816 - AT - Income TaxProfit from sale of shares - Capital gain or business income - Held that:- It is settled law that an assessee can make investment in shares as well as trade in shares - The profit from sale of investment would be assessed as long-term capital gain and profit from trading would be assessed as business income - Therefore, merely because, the assessee entered into certain intra-day transactions, that would not make profit from realisation of the investment as business income - Considering the totality of facts and applying the guidelines laid down by the hon'ble apex court in the case of Raja Bahadur Visheshwara Singh v. CIT [1960 (12) TMI 12 - SUPREME Court] & Rewashanker A. Kothari [2006 (1) TMI 80 - GUJARAT High Court] it is held that profit from sale of shares was rightly shown by the assessee as income from capital gain - Direct the Assessing Officer to assess the same as capital gain and not as business income - Accordingly, the assessee's appeal is allowed.
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