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2014 (12) TMI 1350 - HC - Income TaxProfit offered on sale of assets being STT paid on listed shares - “income from business” OR “income from short term capital gains” u/s 111 (1) (I) on which tax is leviable at flat rate of 10% - HELD THAT:- In the present appeal, we note that the assessee made investment in shares with intention to earn dividend income on appreciation of price shares. Therefore, it cannot be said that the assessee was doing business. More specifically when the assessee either utilized his own funds / family funds or did not pay any interest and depicted the transactions in shares under investment portfolio. During hearing, it was also explained by the learned counsel for the assessee that accounts were maintained by the assessee in two separate capacities i.e. trader and investment and never treated the same as holdings of shares as stock in trade which clarifies the intention of the assessee. - Decided in favour of assessee.
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