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2016 (1) TMI 217 - AT - Income TaxIncome from sale of shares - treated as ‘Capital Gain’ OR ‘Income from Business or Profession' Held that:- the assessee is engaged in trading of Bhusar and Rajma from which he is having turnover of more than ₹ 1.68 Crores during the period relevant to assessment year under appeal. The turnover from sale of shares is ₹ 19.86 Lacs, which is less than 12% of the total business turnover of the assessee. Thus, it is apparent that the main business of the assesse is trading in Bhusar and Rajma and not trading in shares. Thus we hold that in the present case the income from sale of shares is capital receipt. - Decided in favour of assessee. TDS u/s 194A - Disallowance u/s. 40(a)(ia) - deduction of tax at source on payment of interest - Held that:- The provisions relating to deduction of tax at source on interest payment are contained in section 194A of the Act. The provisions of section 194C relate to TDS on payments to the contractors, thus the same are not applicable in the present case. Therefore, the case law Dy. CIT vs. Sri Surve Shriram Krishnaji (2012 (5) TMI 620 - ITAT PUNE) on which the ld. Counsel has placed reliance has no relevance in the facts of the present case. A perusal of first proviso to section 194A of the Act makes it clear that section 194A shall also apply to individuals, where total sales, gross receipts or turnover from business or profession exceed the monetary limit specified u/s 44AB of the Act. The proviso has been inserted by the Finance Act, 2002 w.e.f. 1-6-2002. We find no merit in the submissions of the ld. Counsel for the assessee on the second issue - Decided against assessee.
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