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2018 (4) TMI 83 - AT - Income TaxTreating the income from sale of shares as Long Term Capital Gains (LTCG) and Short Term Capital Gains (STCG) - nature of income - period of holding - nature of portfolio - Held that:- It is not in dispute that the assessee during the year under appeal was having only investment portfolio in its balance sheet. The assessee has been consistently showing these shares and mutual funds under Investments in its balance sheet. We find that the issue under dispute is covered in favour of the assessee in Asst Year 2005-06 [2015 (7) TMI 679 - ITAT KOLKATA] as held he profit that has been attributable to this trading activity corresponding to conversion of stock-in-trade into investment is to be treated as ‘business income’ and accordingly to be taxed. In view of the above findings of Ld. CIT(A) that the income from investment is to be taken as ‘capital gains’ and conversion of stock-in-trade into investment is to be taken as ‘trading income’, which is based on facts of the case and need no disturbance - Decided against revenue
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