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2015 (5) TMI 225 - HC - Income TaxTransaction of shares - short term capital gain v/s business income - Held that:- In the given facts of the case, the mere circumstance that for the previous year, a part of the stock in trade was converted into investments would not have been conclusive as to whether the realisation out of purchase and sale of shares was by way of income from business. The AO had accepted the assessee's claim for long term capital gains and completed the assessment. Having done so, he could not have fallen back upon the facts of the previous years when the conversion took place. Furthermore, we are of the opinion that the ITAT duly considered the applicable law in deciding that the income was not business income but in fact short term capital gain. The question of law urged, therefore, does not arise. - Decided against revenue. Disallowance under Section 14A - Held that:- The order of the ITAT merely remands the matter for re-adjudication afresh in the light of the directions in Maxopp Investment Ltd. v. CIT, ( 2011 (11) TMI 267 - Delhi High Court ) - Decided against revenue.
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