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2013 (6) TMI 515 - AT - Income TaxAddition of commission received - Held that:- As there is no dispute that since the commission was already included in the income certified in Form No16 issued by M/s. Rititka Limited and the assessee himself has shown the same under the head “salary”. Therefore no justification on the part of the AO to add the same again under the head “commission’. In favour of assessee. Income on sale of shares and units of mutual funds - capital gain v/s business income - as per AO in view of the CBDT Instruction No.1827 dated 31.08.1989 the profits from transactions and shares and units of the assessee are treated as business profits - Held that:- Keeping in view of the fact that the assessee invested in shares, securities & units in the past years as well investments were made out of own funds. From the Balance Sheet as of 31st March 2002 & 2003 the assessee’s investments from own funds were Rs.93,30,065/- & Rs.1,39,92,543/- and in the assessments for the relevant period assessee was not regarded as dealer in shares. In the assessment years 2002-03 & 2003-04 the assessee earned dividend and capital losses on transfer of shares & units. In the Income Tax assessments for assessment years 2002-03 & 2003-04, the gains received on transfer of shares & units were assessed as capital gains and not as profits & gains of business. Thus AO is not justified in treating the assessee as dealer in shares and securities. In favour of assessee.
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