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2013 (1) TMI 315 - HC - Income TaxShort Term capital gain and long term capital gain treated as business income - ITAT confirmed the CIT(A')s order in deleting the addition - assessee is engaged in sale and purchase of shares and maintains two separate portfolios - Held that:- CIT(A) relying upon CBDT circular No.4/2007 dated 15.06.2007 & CIT Vs. Associated Industrial Development Co. [1971 (9) TMI 3 - SUPREME COURT]& CIT Vs. H.Holck Larsen [1986 (5) TMI 30 - SUPREME COURT] stated that it is possible for a tax payer to have two portfolios i.e. an investment portfolio comprising of securities which are to be treated as capital assets and a trading portfolio comprising of stock in trade which are to be treated as trading assets. It is not the case that the assessee started these activities in the year under consideration. The practice is supported by earlier years also which is not disputed. The department has earlier accepted the assessee's practice and treatment under heads of capital gains and business. Assessee's separate activities in share are further supported and endorsed by the fact that separate de mat accounts, bank accounts are being maintained and separate trading account and investment accounts are maintained in the books. Under these circumstances it confirms that the assessee was dealing in different activities of trading and investment - no interference with the decision of the Tribunal is called for - no substantial question of law arises.
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