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2018 (4) TMI 750 - HC - Income TaxTransactions of purchase and sale of shares - business transaction OR short term/long term capital - HUF assessee's source of income were interest income and income from purchase and sale of shares of listed companies through different stock exchanges - number of transactions - Held that:- The appellant is not disputing that he has purchased shares for 247 times and sold 263 times - the assessee-appellant to establish the intention by producing his accounts before the department disclosing that he maintained distinction between those shares which are held as stock in trade and those shares which are held as investment. In our opinion, the aforesaid burden was lying upon the appellant to prove this material aspect before the Assessing Officer but it is obvious from the material available on record that he has not been able to produce any material to show that he maintained distinction between the share held in stock in trade or those held by way of investment. If the assessee has failed to discharge his burden, caste upon him by law in support of his claim, then obviously he is not entitled to claim any benefit. The whole basis of argument of learned counsel for the appellant is that an affidavit was filed by him in which everything was explained that too before the CIT (A), Bikaner. However, in our opinion, it was the duty of the assessee to maintain record for distinction between the shares held in stock in trade and those held by way of investment, then obviously evidence was to be produced by him, therefore, we are of the opinion that the entire case is based upon factual aspect of the matter, hence, we do not think that the question of law framed in this appeal is having any significance so as to adjudicate the same. - Decided against assessee.
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