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2017 (4) TMI 113 - HC - Income TaxIncome from share transactions - business income or capital gain - Held that:- In view of the frequency, volume of transactions and treatment given in the books of account and balance sheet along with the fact that dealing in shares were entirely on delivery basis, in respect of its investment portfolio to the extent of ₹ 1.46 Crores as short term capital gains. This on the basis that the intention of the Respondent Assessee was to invest in shares and not trade in shares to the extent of Rs..1.46 Crores allowed under the head 'capital gains'. We find that both the CIT(A) and the Tribunal have come to a concurrent finding of fact that an amount of ₹ 1.46 Crores is taxable under the head 'short term capital gain' as it is on account of investment. Both the CIT(A) and the Tribunal have applied the tests as laid down by the CBDT and as laid down by the Apex Court in various decisions to determine the issue. The Revenue has not been able to show that the application of tests/ principles laid down in the CBDT Circular and the decisions of the Court, by the CIT(A) and the Tribunal, was not correct. - Decided against revenue
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