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2015 (10) TMI 2746 - AT - Income TaxTransactions of sale and purchase of shares - capital gain or busniss income - intention of the assessee was to earn profits - Held that:- We are unable to find ourselves in agreement with the findings of the AO as well as that of the CIT(A) that the intention of the assessee was to earn profits from the transactions of sale and purchase of shares. Apart from the above facts, it is also seen that the AO has observed in his order that the assessee has used borrowed funds for the purpose of making these investments. As during the course of hearing, as shown to us for the assessee with the help of the balance sheet of the assessee filed in the Paper Book, the assessee has utilized her owned funds to make investment in shares. This fact also supports the contention of the assessee that these transactions relating to purchase and sale of shares are for the purpose of investment and not for the purpose of business. We hold that the intention of the assessee in the present case in engaging herself in the transactions of sale and purchase of shares was to earn dividend income and not to earn business income. - Decided in favour of assessee.
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