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2017 (10) TMI 1242 - AT - Income TaxIncome from share trading - short term gain or business income - Held that:- A perusal of the record would show that for earning short term capital gain of ₹ 13,99,030/- the assessee has made purchases of shares having value of ₹ 1,77,68,963/-. The volume of sale proceeds and also purchase value would depict that there were frequent transactions. These transactions were not intended with an objection of earning dividend income or maximizing the profit. They reflect that a large number transaction has been carried out by the assessee by retaining shares for less than a month. It is also pertinent to observe that the assessee failed to demonstrate that delivery of all shares was taken by it. Considering all these aspects and well reasoned order of the CIT(A), we do not find any merit in this appeal.
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