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2015 (4) TMI 151 - AT - Income TaxShare transactions - Capital gains v/s business income - CIT(A) allowed assessee’s claim of long term capital gains and partly allowed the claim of assessee regarding short term capital gains and confirmed the balance of short term capital gains as business income - Held that:- In the present appeal, we note that the assessee made investment in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it cannot be said that the assessee was doing business. If the conclusion drawn in the impugned order, observations made from the assessment order, assertions made by respective counsel and the material available on record are kept in juxtaposition and analyzed, we find that the assessee had been consistently investing in shares and income arising from delivery based transaction of sale and purchase of shares was correctly shown as capital gains i.e. LTCG and STCG depending upon period of holding. In view of the above discussion, we do not find any merit for treating the capital gains offered by the assessee as business income. - Decided in favour of assessee.
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