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2014 (1) TMI 1307 - ITAT MUMBAIClaim of short term capital gain treated as business income – Profits from purchase and sale of shares – Held that:- The assessee was mainly engaged in the business of Arbitrage and Jobbing for which he maintained his office and kept staff for which certain expenses were incurred - the portfolio of shares was maintained by the assessee simply as an Investor' and not as a Trader' - The business of Arbitrage and Jobbing is distinct from that of investment in the purchase and sale of shares - shares were held by the assessee as investment and not stock in trade – decided against Revenue. Deletion made on account of arbitration charges – deduction claimed on arbitration charges paid – Held that:- The details placed before the first appellate authority in support of claim for deduction on account of arbitration charges, were not filed before the Assessing Officer and further the learned CIT(A) did not obtain any remand report from the A.O – it would be proper to set aside the order and remit the matter back to the AO for fresh adjudication – Decided partly in favour of Revenue.
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