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2017 (1) TMI 186 - AT - Income TaxIncome from share transactions - short term capital gain (STGC) and long term capital gain (LTCG) OR business income - Held that:- The intention of the assessee in this respect can be gauged from the fact that the assessee is drawing salary income and therefore not occupied primarily as a trader. Secondly, the acquisition of capital asset are from own funds which are to the tune of ₹ 5.15 crores. Thirdly, the shares were declared to have been held as “capital asset” in the earlier years which have been sold during the year giving rise to LTCGs. Similarly, the shares hold as Short Term Capital Asset were also held for fairly long time prior to its sale giving rise to STCGs. On the totality of these facts, we find no reason to disturb the conclusion reached by the CIT(A). Mere fact that the assessee has also quickly sold shares in some instances within short interval would not ipso facto lead to conclusion that the assessee was a trader in the shares. - Decided in favour of assessee
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