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2012 (8) TMI 542 - HC - Income TaxWhether assessee was a dealer in shares and profits arising on the sale of shares should be assessed as business income – Held that:- Right from the beginning of the incorporation of the company, it had held shares only as an investment and 90 per cent. of its investment were only in the group companies. The assessee never intended to keep them as stock-in- trade and the Revenue also accepted the contention of the assessee for the preceding years and in the two following assessment years too - when the investment originally made in the group concern and holding of shares therein are not by way of stock-in-trade, the result following therein, cannot be held as business to result in business income - sale during the year was of the shares of the Bank of Madura and was only on account of reorganising the business - profit that the assessee made on the sale of shares are assessable to capital gains and not as business income - in favour of the assessee
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