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2015 (8) TMI 1149 - AT - Income TaxIncome from purchase and sale of shares - Long Term Capital Gain as well as Short Term Capital Gains V/S business income - Held that:- We uphold the finding of fact given by the first appellate authority, based on the period of holding, the income derived by the assessee by way of dividends, the fact that there are no borrowings for investment in shares, the volume of transactions which as per the learned CIT(Appeals) was not high and the fact that the assessee has diversified portfolio and has not indulged in repetitive purchase and sale of shares of the same company and the order u/s 143(3) of the AO in the assessee's own case for the earlier two assessment years, the fact that the assessee has invested substantial amounts in mutual funds etc., held that the assessee is an investor in shares and not a trader. Facts of the case of the appellant are better than issue decided in favour of the assessee by Hon. ITAT for YA 2006-07 [2010 (10) TMI 1018 - ITAT MUMBAI]. Therefore respectfully following the decision of coordinate bench in case of assessee herself for AY 2006-07 it is held that long term capital gain and short term capital gain is not the business income of the appellant but is chargeable to tax under the head “capital gains”. - Decided in favour of assessee.
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