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2016 (7) TMI 159 - AT - Income TaxActivity of trading of shares - taxed under the head 'Income from Business & profession' or 'Short Term Capital Gains' - Held that:- From the details of purchase and sale and period of holding of shares, it is observed that the assessee has held 11 transactions of shares for more than 50 days and the balance were held for more than 100 days in total number of 30 transactions. In the previous year and the subsequent years relevant to the Assessment Year under consideration the Department has been consistently accepting the investment in shares held by the assessee. During the year under consideration, the assessee has sold shares of two companies being Hindustan Construction and GMR Infra Structure. The remaining shares relate to purchases made in the previous years. Thus we do not find any reason to hold that the short term capital gain or long term capital gain as declared by the assessee should not be assessed under these heads of income. - Decided against revenue
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