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2014 (5) TMI 229 - HC - Income TaxClaim of income as STCG – Business income OR STCG - Sale of shares – Held that:- The Tribunal rightly held that the true nature of transaction can be understood from the intention of the assessee at the time of purchase - the profit motive is also relevant but this is also not conclusive because even an investor may earn profit by way of appreciation - the transactions of purchase of shares, and thereafter selling it within few days and most of the time within a month, with a view to earn profit, reflects motive of the assessee as a trader and not an investor - purchases as well as turnover are continually increasing and the assessee has regularly dealt in purchase and sales of shares - Profit motive is also clearly evident in making the transaction – Relying upon The Commissioner of Income Tax Versus Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] – thus, there was no infirmity with the findings of the Tribunal – Decided against Assessee.
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