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2011 (12) TMI 374 - AT - Income TaxCapital gain - As per consent of assessee telephonically given to adopt the value at Rs.5,60,250, the AO assessed the value at Rs.5,60,250 and difference of Rs.1,35,250 was added - In case of Carton Hotel (P) Ltd. vs. Asstt. CIT (2008 -TMI - 68787 - ITAT LUCKNOW-A), the Lucknow Bench of the Tribunal has taken a view that where such registration does not take place by paying stamp duty, that case would be covered under s. 45(3) and not under s. 50C - Held that: value recorded by firm in its books would only be full value of consideration for purpose of computing capital gains - Decided in favor of the assessee Regarding business income or capital gain - AO noted that assessee has shown total 263 transactions during the relevant assessment year, out of which 209 transactions were shown as short-term and the remaining 54 as long-term - If the assessee is purchasing shares and credited in the investment portfolio then it has to be treated on account of investment of long-term capital/short-term capital as the case may be, and if the share transactions are shown in trading portfolio, then of course the transaction has to be treated as in the nature of business and adventure - If it is found that sale of shares has been made within 30 days, then of course AO may treat this transaction as business transaction.
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