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2018 (10) TMI 1349 - AT - Income TaxGain from the sale of shares - to be assessed under capital gains or under business income - period of holding - intention of the assessee at the time of purchase of shares - Held that:- Period of holding may indicate intention to make investment. We also find that CBDT Circular no. 6 dated 29.02.2016 also comes to the aid of the assessee wherein it has been clarified by the CBDT that where the assessee treats the securities as investment and not has stock-in- trade in earlier years, the revenue is not permitted a contrary view. It is evident from this Circular that CBDT has given instructions to the Assessing Officers to treat capital gains on listed shares and securities held for a period of more than 12 months as income from capital gains if the assessee so desires. The dismissal of the Special Leave Petition of the department by in the case of Pr. Commissioner of Income Tax vs. Bhanuprasad D. Trivedy (HUF) (2018 (7) TMI 1236 - SUPREME COURT OF INDIA) also comes to the aid of the assessee wherein the Hon’ble Apex Court upheld the Hon’ble High Court’s impugned order that intention of the assessee at the time of purchase of shares is paramount. - Decided against revenue.
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