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2014 (11) TMI 226 - HC - Income TaxAssessment of income from sale of shares - Whether the Tribunal was right in holding that the income of the assessee from sale of shares should be assessed under the head capital gains and not under the head business income – Held that:- The Tribunal rightly confirmed the order of the Tribunal that the assessee is only an investor in shares and he is not engaged in the activity of trading in shares - the shares were held by the assessee for long number of years and opined that there was no indication to show that he was engaged in the activity of trading in shares as a share broker or trader – revenue has not produced any material evidence to rebut the findings rendered by the CIT and the Tribunal - there was no borrowal of funds by the assessee and shares were purchased out of his own funds is borne out by records and the Tribunal were right in treating the income from sale of shares as capital gains – thus, the order of the Tribunal is upheld – Decided against revenue.
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