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2016 (4) TMI 115 - AT - Income TaxGains on sale of shares/securities - business income instead OR capital gains - Held that:- The taxpayer cannot be allowed to take advantage of holding two portfolio, primarily with a motive to avoid tax liability or to reduce tax incidence. In the instant case, eventhough the assessee is maintaining two distinct portfolios, but facts speak otherwise. The volume of transaction is greater in investment portfolio. The law does not permit a taxpayer that under the garb investment transaction he can treat his regular share trading as investment. However, in the case in hand, the lower authorities ought to have given specific finding qua the transactions, that has been shifted from business portfolio and frequency thereof. Therefore, we hereby set aside the impugned order and restore the issue to the file of AO for de novo assessment. The assessee would place all relevant material before the AO in support of its claim. - Decided in favour of assessee for statistical purposes.
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