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2016 (1) TMI 400 - AT - Income TaxSurplus of sale and purchase of shares - CIT(A) treated as Income from STCG on which STT is paid - whether A.O. had established that the assessee was engaged in purchase and sale of shares and, hence the trading activity was business activity? - Held that:- The investment is not made out of borrowed funds. The value of investment as on 31/03/2006 is at ₹ 6.02 lacs. The volume of transactions is also not very high. The ld.CIT(A) has observed that in the case of Dineshkumar Kunjbihari Almal, Ahokkumar Babulal Almal and in the case of assessee himself during AY 2005-06, similar transactions were held to be as investment and not as business. This finding of the ld.CIT(A) is not controverted by the Revenue and no change into facts is pointed out as to why in this year under appeal the transactions are not treated as investment. Under these facts, we do not see any reason to interfere with the order of the ld.CIT(A), same is hereby upheld. Thus, all the grounds of Revenue’s appeal are rejected. - Decided in favour of assessee
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