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2015 (3) TMI 12 - HC - Income TaxShare transactions - CIT(A) concluded that the amount received on sale of share is taxable as capital gains in the hand of the respondent assessee and not as income from other sources do confirmed by tribunal - Held that:- Orders of the CIT (Appeals) as well as the Tribunal are detailed orders rendering findings of fact about the nature of the transaction of purchase and sale of shares entered into by the respondent-assessee. The aforesaid finding of fact was reached on consideration o as similar transactions in the past was accepted by the revenue when loss returned, certificate given by the subbroker confirming that transaction belonged to appellants, the shares purchased had been taken dealivery of within the settlement cycle, but the same was kept as collateral security by the sub-broker as security for payment to be received from respondent-assessee, the purchases shares were thereafter transferred to the DMAT account of the respondent assessee; and the contract notes produced by the respondentassessee for purchase and sale of shares has not been challenged by the revenue. - Decided in favour of assessee.
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