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2018 (4) TMI 1425 - AT - Income TaxNature of income - income from share transactions - capital gain or Business income - Held that:- Assessee cannot be perceived as a trader in shares per se, ostensibly when the Long Term Capital Gains declared by the assessee on purchase and sale of shares has been accepted as such. The assessee is not carrying out any other business activity so as to construe any business motive in carrying out the transactions of purchase and sale of shares. As before the Assessing Officer, assessee had filed written submissions, which have been reproduced in para 3 of the assessment order. In terms of submissions, assessee pointed out that she was a regular investor in shares and securities, and such investments were made out of her own funds with the intention of not only earning dividend, but also seeking capital appreciation in the long run. So far as the Short Term Capital Gains was concerned, assessee specifically pointed out that such transactions were undertaken keeping in view the market volatility and the specific situation of investee-companies, but otherwise the intention has been to make long term investments in shares and securities. All these aspects have been merely brushed aside by the Assessing Officer, an action which, in our view, has been rightly negated by the CIT(A). - Decided against revenue
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