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2011 (2) TMI 1127 - AT - Income TaxBusiness income vs. Capital gain - transaction of shares - Held that:- the assessee had all along treated the shares as an investment with the primary object of wealth maximisation and treated the same as investment in its books of account over a period of 30 years. Admittedly, the assessee has not borrowed funds for the purpose of making investments in shares and the case of the assessee is that, shares once sold were not purchased, was not controverted by the Revenue. The average holding of shares falling under short-term capital gains category was 181 days and thus, the plea of the assessee that the primary intention of purchase of shares was with the purpose of long-term appreciation cannot be ruled out. the decision of the Income-tax Appellate Tribunal in the assessee's own case for the earlier year deserves to be followed by applying the rule of consistency - Decided in favor of the assessee
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