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2016 (1) TMI 165 - AT - Income TaxEligibility for concessional tax treatment u/s.111 - CIT(A) directing to consider the business income from share trading of ₹ 1,15,01,549/- as short term capital gain - Held that:- The intention of the assessee has to be seen and in the facts of the case it has been strongly pleaded that the intention of the appellant was to make investments and to make gain on sale of shares and it was not to do share trading. Even in earlier year, ie. A.Y.2005-06 the appellant has shown short term capital gain which has been accepted by the A.O. as short term capital gain in assessment made u/s.143(3) of the I.T. Act on 7/12/2007. Considering these facts hold that the appellant has earned short term capital gain and not business income and so direct the AO to treat the income as short term capital gain taxable at concessional rte of 10% - Decided against revenue Computation of income from long term capital gain - CIT(A) confirming the order of AO as to the value adopted for the purpose of payment of Stamp Duty shall be deemed to be the full value of the consideration as per the provisions of Section 50C - Held that:- In the present case, the assessee has demonstrated that before the AO the Valuation adopted by the Stamp Valuation Authority was disputed, therefore, the AO ought to have refer the issue to the Valuation Officer (DVO) in terms of provisions of Section 50C(2) of the Act . Thus restore this issue to the file of AO to decide the issue afresh after obtaining the report from the DVO in the light of the decision of the Coordinate Bench rendered in the case of Manjula Singhal vs. ITO (2011 (2) TMI 48 - ITAT, JODHPUR ). Thus, this ground of assessee’s appeal is allowed for statistical purposes
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