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2012 (11) TMI 309 - AT - Income TaxShort term capital gain vs Business Income - Held that:- Assessee had actually maintained distinct portfolios no assistance of the past results other then the results of the final accounts. Since factual aspects do indicate towards the assessee being an investor consistency aspect has also to be ascertained as well. Moreover, since the assessee is having income from day trading, speculation, derivatives, the correlation of transactions viz a viz the investments shown, has to be examined to verify the contentions - matter remitted back to the AO, who shall reexamine the modus operandi and the conduct of the assessee, in line with the preceding years and also apply the tests as prescribed by the Board, in Instruction No. 1827 dated 31-08-1989 (filed in the APB) to come to the correct conclusion – Order of the CIT(A) is set aside and direct the AO to re-examine the issue afresh, after giving reasonable and adequate opportunity to the assessee - appeal is allowed for statistical purposes. Disallowance u/s 14A - Held that:- As the issue whether Income is Business Income - Application of sec.14A has to be decided accordingly - Order of the CIT(A) is set aside and direct the AO to re-examine the issue afresh, after giving reasonable and adequate opportunity to the assessee and accordingly applicability - appeal is allowed for statistical purposes.
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