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2017 (1) TMI 1206 - AT - Income TaxIncome from share transactions - capital gains or business income - period of holding - Held that:- It is evident that the assessee has carried out 31 transactions in 20 scrips out of which eighteen transactions involve holding period of more than a month further inclusive of eleven instances wherein the said holding period is more than 100 days. He has further not claimed any interest expenditure deduction qua the above stated borrowings. Ld. Departmental Representative fails to rebut this factual position. We thus find no reason to interfere in the CIT(A)’s conclusion hereinabove so far as he has treated the assessee to be an investor in case of share transactions involving holding period of more than a month. - Decided against revenue Treating profits from share transactions even having nil holding period as short term capital gains - Held that:- Learned counsel fails to prove that the same are in any case delivery based transaction having purchase and sale instances on the same day. We thus do not deem it appropriate to adopt judicial consistency in the impugned assessment year in view of these peculiar facts. We however find force in assessee’s submissions challenging the CIT(A)’s directions to the Assessing Officer for treating his share profits having holding period upto 30 days as business income in absence of any such statutory provision contained in the Act. We accordingly reverse the CIT(A)’s blanket directions to the Assessing Officer. The Assessing Officer shall now treat assessee’s profits derived from twelve transactions having nil holding period or a day’s holding period only as business income. The assessee’s cross objection is partly accepted.
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