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2016 (2) TMI 371 - AT - Income TaxTransaction of purchase and sale of shares - Short Term Capital Gain and Long Term Capital Gain OR Business Income - Held that:- The portfolio held by the appellant when considered in the light of number of scrips held/purchased/sold and corresponding number of transactions, number of days transacted in market, lack of frequency of transactions, consistent valuation of shares at cost value, separation of speculation/F&O business from investment activity, investment being made from own funds shows that assessee is engaged as investor in shares and not as trader. In view of this CIT(A) appeal was justified in observing that income return by assessee short term and long term capital gains has to be assessed under the respective heads as claimed by assessee and not business income. Further, the assessee has consistently shown short term capital gain/short term capital loss as well as long term capital gain/long term capital loss in all these years. In fact, the gross long term capital gain earned by assessee is over ₹ 16.72 lakh which indicates that assessee has been a long term investor in shares. In view of above CIT(A) was justified in directing to assessee long term capital gain under respective heads. This reasoned factual finding of CIT(A) need not interference from our side. We uphold the same. - Decided against revenue
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