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2016 (9) TMI 335 - HC - Income TaxSale proceedings of the shares / warrants - Short Term Capital Gain OR Business income - Held that:- We find that the two Authorities, namely, CIT(A) and the Tribunal by the impugned orders have held that the respondent assessee is an Investment Company. Further it is held that in respect of the shares in Lok Housing, which were sold during the subject assessment year giving rise to capital gains of ₹ 25.54 lakhs, the income was chargeable to tax under the head “Capital Gains” as the respondent assessee was not a Trader in shares. The aforesaid facts were found by the Authorities over and above the fact that the shares in fact were held after conversion into Demat for a period between 4 to 7 months. The Revenue has not been able to show how and why the findings arrived at by the CIT(A) and the Tribunal are in any manner perverse and / or arbitrary. Two Authorities have concurrently come to a finding of fact that the respondent assessee is an Investment Company and the shares of Lok Housing were held for over a period of four to seven months from the date of their conversion into Demat form. No substantial question of law. - Decided against revenue
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