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2012 (8) TMI 35 - AT - Income TaxTreatment of long term capital gain as business income - Held that:- Persuing the material on record except of few shares, all the shares were held for 10 years or more, it cannot be said that these shares were held by the assessee as business asset or stock in trade, thus it has to be admitted that the profit earned by the assessee after holding the shares for such a long period cannot be assessed as business income - as decided in Commissioner of Income-Tax Versus Rewashanker A. Kothari [2006 (1) TMI 80 - GUJARAT HIGH COURT ] to treat the gain under the head "Capital gains" and not as "Income from business" - in favour of assessee.
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