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2013 (11) TMI 1440 - HC - Income TaxSale of shares – Capital gain or business income – Held that:- Following Commissioner of Income Tax, Kanpur vs. Shri Atul Kanodia [2010 (10) TMI 109 - ALLAHABAD HIGH COURT] - CIT(A) directed the AO to treat the profit on sale of shares as capital gain instead of income from business as assessed by the Assessing Officer - No dispute that shares had been held by the assessee for long time and were shown in the balance sheet separately as investments - Income is capital gains – Decided against Revenue.
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