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2019 (9) TMI 1090 - HC - Income TaxCharacterization of income - Benefit of exemption for long term capital gain - AO while passing an order accepted the assessed long term capital gain derived as a result of sale of shares but treated the short term capital gain derived from purchase and sale of shares as income from business only - HELD THAT:- Tribunal, thus, keeping in view the number of frequency of transaction has rightly arrived at a conclusion that the Assessing Officer was justified in giving the benefit of exemption for long term capital gain and was also justified in treating the income as business income in respect of purchase / sale of shares No substantial question of law arises in the present appeal. The frequency of transaction carried out during the year shows that approximately 288 transactions took place for the purchase of equity shares through out the year and about 162 transactions of sale have been entered with various share brokers including Arihant Capital; JM Finance P. Ltd., etc., and, therefore, as the assessee has entered into multiple transactions for various listed Companies, it was a regular feature of the assessee to trade in shares to obtain short term gain and, therefore, the short term gain has rightly been included as business adventure and has rightly been included in the income of the assessee. It is purely a finding of fact arrived at by the Assessing Officer as well as by the Income Tax Appellate Tribunal. No substantial question of law arises in the present appeal.
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