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2013 (12) TMI 1414 - AT - Income TaxWhether transactions of purchase and sale of shares constitutes business income - Held that:- The facts in the impugned year do indicate that the transaction cannot be considered as investment in shares - Regarding transactions in F&O - There is no delivery of the shares - Shares of Cybermedia were purchased and sold on the same day - Therefore these should also be treated as business income - The authorities are of the view that remaining transactions should also be treated as business activity - There can not a situation where part of transaction can be treated as business and other as investment - The period of holding has never exceeded 150 days - It cannot be considered that assessee's intention is to invest in shares as there is large turnover within a short period - The intention is not to make investments for long periods as the frequency of transactions is very high - Decided against assessee.
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