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2013 (3) TMI 417 - HC - Income TaxProfit on sale of shares - capital gain v/s business income - whether assessee eligible for exemption under section 47(v)? - Held that:- As decided in Sutlej Cottom Mills Supply Agency Ltd. (1975 (7) TMI 2 - SUPREME COURT) while holding that even single transaction of purchase and sale may constitute adventure in the nature of trade, yet, the same has to be decided taking into account all the facts and circumstances of the case and not on the application of any single principle or test. As in the present case the Tribunal has considered the cumulative effect of all the facts and arrived at a conclusion that the transaction was not an adventure in the nature of trade as the shares sold by the respondent-assessee to its holding company was not tradeable in the market like any other normal trading asset, concluded that the gains arising from the sale of shares has to be tax under the head capital gains. Exemption under section 47(v) is to be allowed to assessee as the same applies only to capital gains and not to income taxed as business income - in favour of assessee.
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