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2015 (4) TMI 264 - HC - Income TaxRevision u/s 263 - amount claimed on share transaction as Capital Gain to be treated as income from business - Tribunal holding that the assessee has sold the shares in a solitary transaction and the same was not treated as stock in trade, the income arising from sale of shares has to be assessed under the head 'Capital Gains' - Held that:- The material on record clearly establishes that the share which is sold by the assessee was held by the assessee a decade back which has been reflected in the audited account as investment. It was never considered as part of stock-in-trade. It was a solitary transaction. In the light of this undisputed facts, when a possible view is taken by the Assessing Authority and accepted the case of the assessee that it has resulted in capital gains, as rightly held by the Tribunal, the Commissioner was in error in treating it as a business income. In fact, he was not able to make up his mind and he has remanded the matter back to the Assessing Authority to find out whether it constitutes capital gain or business income. Thus Commissioner had no justification to invoke Section 263 of the Income Tax Act to initiate proceedings - Decided in favour of assessee.
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