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2023 (10) TMI 662 - AT - Income TaxCorrect head of income - income from sale of shares/securities/PMS/Mutual Funds etc -"Capital Gains" or "Income from Business" - period of holding shares - HED THAT:- As assessee rightly drawn a logical conclusion based on CBDT Circular No.6 dated 29.02.2016 that since the assessee was shown shares in the balance sheet as investments and not as stock in trade and he also took cognizance of the fact stated by the assessee that the assessee held the shares sold for a long period ranging from 3301 days to 1352 days. CIT(A) by retrospectively applying the CBDT Circular No.6 rightly held that the action of the AO treating the income as “business income” instead of “long term capital gain” is not correct thus, he negated the same. We are unable to see any valid reason to interfere with the findings arrived by the CIT(A) hence, we uphold the same. Grounds of Revenue are dismissed.
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