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2019 (1) TMI 546 - HC - Income TaxGain on sale of shares - capital gain or busniss income - Revenue argued that the income arising out of the sale of shares should be taxed as business income - Held that:- Whether the activity of the assessee in dealing with the shares is by way of investment or business is principally a question of facts to be adjudicated on the basis of the documents on record and well established legal principles through series of judgments. In the present case, the CIT(A) and the Tribunal have concurrently held that the assessee is not in the business of buying and selling shares. This conclusion was principally on the basis of above noted factors inter-alia establishing that the assessee was occupied in the activity of manufacturing of optical equipments, that the assessee had showed the acquisition of shares as investment, that all purchases were upon delivery of shares. Exemption u/s 54F denied - purchasing two flats of residential complex - Revenue contends that both the flats are independent units and the assessee, therefore, cannot get exemption with respect to investments made in purchase of both of the - Held that:- CIT(A) and the Tribunal concurrently held that the two flats were combined into one residential unit. There was a common electricity connection and common bill. There was only one telephone connection. The LPG connection was also single. There was common kitchen for the entire unit. We notice that a Division bench of this Court in largely similar set of circumstances in CIT Vs. Devdas Naik (2014 (7) TMI 173 - BOMBAY HIGH COURT) had dismissed the Revenue's appeal.
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