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2014 (1) TMI 341 - AT - Income TaxIncome from sale of shares - Business income or capital gains - Held that:- The assessee has been treating such income as capital gains - Except in the impugned assessment year, the Assessing Officer in all other assessment years, prior and subsequent, has accepted the dealings in shares as investments only by assessing the gain there from as either long or short term capital gain - Consistency has to be maintained with regard to the assessability of gain from sale of shares - The Assessing Officer has not at all spelt out what are the distinguishing features which provoked him to take a different view in the impugned assessment year - He has not at all considered the facts at depth and has approached the entire issue in a superfluous manner - Following Spectra Shares and Scrips Pvt. Ltd. Vs. CIT [2013 (6) TMI 173 - ANDHRA PRADESH HIGH COURT] - Whether a particular activity is in the nature of investment or trade is purely a factual issue and would depend upon the particular facts involved in each case - Considering the totality of facts and circumstances in assessee’s case and applying the tests laid down in case of Spectra Shares and Scrips Pvt. Ltd - The finding of the CIT (A) in holding the dealing in shares by the assessee as its investment and directing the Assessing Officer to assess it as income under the head capital gain is most reasonable and appropriate - Decided against assessee.
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