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2017 (10) TMI 1468 - AT - Income TaxCharacterization of income - Income from sale of shares - STCG or Business income - HELD THAT:- Shares were purchased with a view to sell them at a profit and in fact, those shares were sold within the same accounting year, the conduct of the assessee was not to hold them as investment and earn some interest but to trade in shares. It was clear from the frequency and nature of transactions in shares. In the absence of any material to show that assessee had made investments only, the authorities below were correct in concluding that gains were assessable as business income. Assessee, however, relied upon the decision in the case of Rohit Anand [2009 (7) TMI 901 - ITAT DELHI] in which assessee had demonstrated that his intention was never to trade in shares. In the case of Vinod N. Shah [2010 (2) TMI 875 - ITAT, MUMBAI] it was found that on an average there was only 3-4 cases of purchase and sale of shares during a month. These decisions, therefore, would not support the case of the assessee. The authorities below have rightly assessed the income from "profits and gains of business as from shares" and accordingly, the appeal of the assessee stands dismissed.
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