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2017 (3) TMI 1243 - HC - Income TaxIncome arising on the sale of shares - capital income or business receipt - Held that:- Tribunal has also recorded a finding that A.A. did not state anything in assessment orders as to on what basis it held that shares held by Assessee are stock in trade though throughout, the same were shown in respective balance sheets, as investment. Before us also it has not been explained by learned counsel for appellant as to how and on what basis aforesaid shares, held and sold by Assessee could be treated as "stock in trade" and otherwise concurrent finding has been recorded by CIT (A) and Tribunal, is not shown incorrect. However record shows that, Assessee admitted that from A.Y. 1994-95 it has started business of shares dealings and speculation in shares. The stock of shares held by him, why should not become stock in trade income, and same thereof be treated as business income, we find no consideration by Tribunal on this aspect. The matter require reconsideration in light of the aforesaid fact by Tribunal and question no. 1 would depend on aforesaid finding recorded by Tribunal. Disallowance of interest payment - Held that:- Similar question has been considered by this Court Commissioner of Income Tax Central Vs M/S Jai Prakash Industries Pvt. Ltd. [2017 (3) TMI 1160 - ALLAHABAD HIGH COURT] as answered in favour of Assessee and against Revenue
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