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2018 (1) TMI 714 - AT - Income TaxProfit from sale of shares - Capital Gain or Business Income - CIT-A decided the issue in favour of the assessee holding the profits derived on sale of shares as long term or short term capital gain - Held that:- Identical issue arose in the case of the assessee firm for assessment year 2008 – 09 [2015 (3) TMI 1310 - ITAT DELHI] wherein held that CIT(A) has exhaustively and extensively dealt with the issue and after verification of all, has arrived at the conclusion about the head of income under which the income needed to be assessed. From the facts, we find that assessee had classified the shares in its balance sheet as investment. The holding period for a number of scripts exceeds 365 days. The shares were not purchased but were contributed by partners as their part of capital. In view of the above facts and circumstances, we do not find any infirmity in the order of Ld. CIT(A) and therefore, appeal filed by Revenue is dismissed.
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