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2019 (4) TMI 1122 - HC - Income TaxSale of shares as Long Term Capital Gain - Period of holding - assessee showing investment in shares in his personal Balance sheet and purchased out of his own surplus fund - HELD THAT:- The assessee had received such amounts upon sale of three scripts and in particular one of M/s Pyramid Saimira. The assessee had purchased such shares and held them for over 12 months. Against the locking period of one year, the assessee had held shares for 17 months before sale. The assessee had not utilized any borrowed funds for such purchase and that in the earlier years, the Assessing Officer had accepted the sale of shares giving rise to capital gain. We do not find that the Tribunal has committed any error. Assessee also relied on the CBDT Circular dated 29/02/2016, which also supports Tribunal’s decision. In the circular the CBDT had clarified that in relation to shares held for more than 12 months, which are listed shares, if the assessee wishes to treat them as investments giving rise to capital gain upon sale, the department would not dispute the same as long as the assessee follows the same pattern subsequently. Income Tax Appeal is dismissed.
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