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2012 (4) TMI 266 - AT - Income TaxProfit from purchase and sale of shares - Capital gain or business income - Held that:- assessee did not place any material, other than Board resolution, while the auditor reports and facts for the years under consideration, reflecting intention of the assessee, lead to the conclusion that the assessee is continuing its activities as in earlier years of a trader in shares - the voluminous share transactions were in the ordinary line of the assessee's business; purchase of shares by them was not for the purpose of earning dividend, but with the dominant intention of resale in order to earn profits - the repetition and continuity of the transactions, give them a flavour of "trade" - ld. CIT(A) was not justified in accepting the claim of the assessee as investor in shares - restore the order of the AO.
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