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2021 (10) TMI 1099 - AT - Income TaxCorrect head of income - assessment of income earned from investment made in mutual funds under the head "business income" or "Short Term Capital Gain" - second round of litigation - whether the assessee acted as an investor or a trader while dealing with sale and purchase of shares and mutual funds? - HELD THAT:- In the second round of litigation, we found that the basic issue i.e. the business income or investment income was confined to the gain from the mutual funds only whereas on the contrary, the entire matter was restored back for a fresh decision which comprises of the income from sale of shares and also redemption of mutual funds. The lower authorities completely ignored the specific ground taken by the assessee before the ITAT and had confined its findings only to the redemption of mutual funds and that too was decided against the assessee on the ground that no evidence of investment in the mutual fund was furnished by the assessee. Whereas on the contrary, the ld. AR strongly relied upon his submissions made before the lower authorities and drawn our attention to the fact that the assessee had already placed on record the various evidences which were sufficient to reach to a conclusion by the revenue authorities but as per the ld. AR, all the evidences filed by the assessee were ignored by the lower authorities by giving a finding that no evidence to corroborate the investment in mutual funds was furnished by the assessee. We restore the matter back to the file of the A.O. with direction to decide the same afresh by taking into consideration the transactions in the mutual funds as well as shares carried out by the assessee. Appeal of the assessee is allowed for statistical purposes only.
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