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2014 (9) TMI 97 - HC - Income TaxSTCG on sale of shares – Income from business or not – Held that:- Assessee was maintaining two separate portfolios, one of shares held as investment and the other of shares held as stock-in-trade - business income from trading in shares can result in good profit in one year, but lower or marginal in another year because of the inherent risks involved in the business – AO has accepted that the assessee had maintained two separate portfolios; investment, and stock-in-trade portfolio for the shares - There is no allegation that the shares were transferred from one portfolio to other - The portfolios have been in existence since the AY 2004-05 onwards - The nature and extent of the transactions in the two portfolios have been noticed - Investment portfolios had shares of a few companies and transactions were infrequent. Transactions in the trading portfolio were of thousands of shares in 199 companies – the order of the Tribunal is upheld – Decided against Revenue.
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