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2016 (4) TMI 813 - AT - Income TaxSale of shares - short term capital gain/long term capital gain or business income - Held that:- The assessee has not used borrowed funds. It has not claimed administrative expenditure. The only circumstances, which is against the assessee is number of transactions. But that is only one circumstance amongst others required to be appreciated by the adjudicating authority to collect the intention of the assessee while making investment. In our opinion, the ld.Revenue authorities have not appreciated the transactions in right perspective. We have also been appraised that even in subsequent years, the transactions of investment by the assessee have not been disturbed. In view of the above discussion, we allow the appeal of the assessee and direct the AO to treat the assessee as investor and the gain arisen to the assessee on transfer of shares is to be treated under the head “capital gain" - Decided in favour of assessee
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