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2015 (6) TMI 240 - AT - Income TaxValidity of reopening of assessment - transactions of sale and purchase of shares was assessed to tax as capital gain @ 10% instead of income from speculative transaction to be taxed at 30% - Held that:- When there is no addition made by the A.O. on the issue of treatment of short term capital gain as speculative transaction by accepting the fact that it was not really speculative transaction then the additions made by the A.O. by way of reassessment of short term capital gain as business income is not permissible in the proceeding u/s 147 of the Act. Accordingly by following the decision of Hon’ble jurisdictional High Court in the case of Jet Airways (I) Ltd. (2010 (4) TMI 431 - HIGH COURT OF BOMBAY) we hold that the reassessment in the case of the assesse is not valid and the same is set aside. - Decided in favour of assesse.
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