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2014 (7) TMI 170 - AT - Income TaxTreatment of income - Sale of shares as Business Income instead of Capital Gains – Held that:- The transactions entered into by the assessee cannot be treated to be transactions giving rise to income under the head “profit and gains from business or profession” - The shares have been shown under the head “investment” – revenue has accepted LTCG shown by the assessee in respect of similar transactions giving rise to income under the head capital gain - gain earned by the assessee from transactions of shares upon which assessee has earned gain of ₹ 2,08,775/- cannot be assessed as income under the head “profit and gains of business or profession ” – Decided in favour of Assessee.
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