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2012 (9) TMI 787 - AT - Income TaxTaxability of profit on sale of shares as capital gain or business income – AO contended that there were several purchases and sale transactions of shares during the year and treat profit derived as business income – Held that:- As the assessee had shown the shares as investment in the balance sheet and in some cases the shares have been held fairly for a longer period. The AO in the past has accepted the profit on sale of shares as capital gain. And during the impugned AY a part of the profit on sale of shares has been accepted as LTCG. Rule of consistency will be applicable to the facts of the present case and the profit on sale of shares in our opinion should be treated as “Short term capital gain”. Appeal decides in favour of assessee
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