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2018 (3) TMI 1169 - AT - Income TaxGain on sale of shares - capital gain or busniss income - Held that:- Mere fact that dividend received is nominal, cannot be the deciding factor as to whether income from sale of investment is to be assessed as business income or capital gain, particularly when long term capital gain is accepted by the AO. In respect of sale of shares of LML Ltd and Oswal chemicals, it can been seen that sale is made on various dates as the sale order sometimes takes days to be fully executed. It is not the case that on some days sales are being purchased and sold. Just because assessee has purchased and sold number of shares does not by itself make it business income when the AO has accepted the scripts as investment in the balance sheet and books of account are accepted. In view of the above discussion, we are of the considered view that the CIT(A) has rightly treated the gain on sale of shares as short term capital gain. Accordingly, we find no infirmity in the order of the ld. CIT(A). Thus, the grounds raised by the Revenue in are dismissed.
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