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2010 (4) TMI 271 - PUNJAB & HARYANA HIGH COURTBusiness profit versus capital gains – profit from investment in shares - Observing that the revenue could not prove that the transactions of sale and purchase of shares undertaken by the assessee respondent were an adventure in the nature of trade, the Tribunal in para 11 has held that the assessee-respondent invested in shares with the intention of holding the same as investment and the surplus arising on the sale of such investment has been rightly declared by the assessee-respondent assessable under the head ‘capital gains’. The view taken by the CIT (A) has been upheld. It has further been found that the income from the redemption of mutual funds declared by the assessee-respondent clubbing the income of his minor daughters could not be treated as an income earned as a dealer or a trade – Tribunal assessed the income under the head capital gains – Held that: - The Tribunal has discussed in para 8 various relevant factors to infer the intention and the nature of transactions and concluded that by no stretch of imagination the surplus/account made by the assessee-respondent could be regarded as surplus from business of dealing with shares. – revenue appeal dismissed – decided in favor of assessee
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