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2019 (9) TMI 660 - AT - Income TaxCorrect head of income - Income from capital gains u/s. 111A or business income - assessee has admitted income from sale on shares (INTRADAY) under the head business and income from profit on sale of shares under the head capital gains also - considering the frequency of buying and selling and the period of holding of shares, the AO held that the nature of the activity is that of trading in shares and not an investment in shares, therefore he held that the income arising from sale of shares, claimed by the assessee under the head capital gains, is assessable as business income and assessed accordingly - HELD THAT:- As relying on OM PRAKASH ARORA [2014 (4) TMI 972 - DELHI HIGH COURT] the reasoning given by the lower authorities to assess the income under the head business is, in our view, very well justified. Further, since in this case, the business activity of the assessee is trading in shares, there can be a presumption that the amount claimed was derived through trade; in such case, the assessee has to establish that the impugned amount was indeed invested and the proceeds of sales were of a capital asset. However, the assessee has not laid any such material either before the lower authorities or before us. Therefore, no merit in the submissions of the assessee and hence dismiss the appeals. - Decided in favour of revenue.
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