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2012 (8) TMI 259 - AT - Income TaxBusiness of share trading - sale of units other than units under section 54EA - assessee has shown long term capital gains and short term capital gains from numerous sale and purchase transactions of units of mutual funds - assessee contended that there is redemption of units of mutual funds and units redeemed were held by them as investment and not as stock-in-trade – Held that:- Merely because the purpose of redemption, according to the ld. Counsel for the assessee, is different i.e. other than business and the average period of holding is 413 days do not mean that the assessee is not carrying on business in Shares/Units and Mutual Funds of the Companies and others - CIT(A) was fully justified in treating the income from purchase and sale of shares/mutual fund/unit except units of Birla Sun Life Plus as income from business - assessee appeal rejected
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