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2012 (7) TMI 65 - AT - Income TaxWhether the income earned by the assessee on profit arriving on purchase and sale of shares is capital gain or business income – investment in shares was shown under the head investment - claim of the assessee that only a faction of total investment was made in shares - as against the total long term capital gain of Rs. 25,08,196/- major portion i.e. Rs. 19,22,696/- is out of sales of units in mutal fund and sale of TCS shares which were allotted to the assessee under ESOP - Held that:- Long term capital gain admitted has to be accepted especially when the AO had accepted such long term capital gain in AY 2004-05 - profit on sale of shares held for more than 12 months is assessable under the head 'long term capital gain' - appeal of the revenue is dismissed.
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