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2013 (4) TMI 318 - ITAT KOLKATAProfit arising out of the sale of shares - business income v/s short term capital gain - Held that:- In the present case assessee has held these shares and units as investment being capital asset. The assessee has not claimed any loss due to fall in value of capital asset or investment, which would have been the case if the said investment is to be treated as stock in trade. Even the assessee is consistently valuing the investment at cost. The assessee is consistently offering the income accruing to him from sale of shares under the head capital gains and the same is accepted by the Income Tax Department during earlier years' scrutiny assessments i.e. in AYs 2005-06 and 2006-07. The assessee has filed copies of assessments orders for these two assessment years wherein the said short term capital gain disclosed by the assessee was accepted. The assessee has filed evidences qua that sales of shares are made and on which short term capital gains has accrued are acquired during earlier years. In such circumstances, CIT(A) has rightly treated the sale of shares as short term capital gain. Appeal of revenue is dismissed.
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