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2017 (2) TMI 732 - ITAT AHMEDABADIncome from share transaction - business income or capital gain - Held that:- As decided in Hitesh Doshi (2011 (6) TMI 102 - ITAT, Mumbai ) held that when an assessee maintains similar number of companies and only number of shares therein increase or decrease, he is only a prudent investor. The assessee is an investor not engaged in the business of sale purchase of shares and mutual funds. The question is accordingly decided against the Revenue both assessment years. The A.O. is directed to treat her income from sale of shares and mutual funds in the two assessment years as short term capital gains and matter decided in favour of the assessee. Validity of reopening of assessment - Held that:- A.O. during the course of assessment proceedings u/s.143(3) of the Act, the AO was well within his right in re-opening the assessment on the ground. The A.O. has come to the conclusion that there was escapement of income from assessment. The notice has also been issued within the prescribed time. Therefore, we uphold the validity of reopening of the assessment u/s.147 and notice u/s.148 of the Act. These grounds of appeal challenging the validity of the reassessment are thus dismissed. - Decided against assessee.
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