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2017 (6) TMI 951 - AT - Income TaxIncome from share trading - nature of income - Capital gain or business income - volumes of transaction - Held that:- AO was not justified in recording the finding of fact against the assessee for the purpose of holding that the assessee was indulged in trading activities only. The assessee has been dealing in shares in earlier and in subsequent years and on the identical transaction has shown capital gains which have been accepted by the AO in the scrutiny assessment u/s 143(3) in assessment years 2006-07 and 2009-10 by accepting the claim of the assessee of capital gains. The assessee has been able to prove that the assessee made investment with objective to earn income by way of dividend. There are no transactions conducted by the assessee during the shorter period, therefore, authorities below should have followed the principle of consistency and should have accepted the claim of the assessee of capital gains instead of business income. - Decided in favour of assessee.
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