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2014 (5) TMI 622 - AT - Income TaxSale of shares – LTCG OR business income – Held that:- Following CIT Vs. Darius Pandole [(2010 (6) TMI 405 - Bombay High Court] - income from sale of shares treated as business income in earlier years by way of assessment u/s 143(3) cannot be taken as capital gain in subsequent year - the principle of consistency should be followed and the parties should not be allowed to register departure from the existing position time and again – also in CIT VS. Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] (Bom) it was held that income from shares as Business income on the basis of the rule of consistency - the view taken by the AO on similar issue has been reversed by the CIT(A) and no material has been brought on record by the revenue to demonstrate that the Tribunal tinkered with such view canvassed by the FAA for the earlier years – Decided against Revenue.
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