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2016 (3) TMI 865 - AT - Income TaxProfit on sale of shares - chargeable to tax under the head "capital gains" or "profits and gains from the business or profession" - Held that:- A perusal of the relevant balance-sheet of the assessee also shows that the investment in shares was made by the assessee out of her own funds and the only source of income of the assessee for the year under consideration was interest from small savings as well as loan given to one Company. There is nothing in the relevant financial statements filed by the assessee for the year under consideration to indicate that any expenditure necessary to carry on any business activity was incurred by the assessee. Having regard to all these facts of the case, I am of the view that the relevant shares were purchased by the assessee as investor and the profit arising from sale thereof was chargeable to tax in her hands as short-term capital gains and not business income. In that view of the matter, set aside the impugned order of the ld. CIT(Appeals) on this issue and direct the Assessing Officer to bring to tax the profit of the assessee from sale of shares in her hands as short term capital gain. - Decided in favour of assessee
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