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2012 (3) TMI 76 - ITAT DELHIApportionment of Expenses - Real State Business & Textile Business - Site development expenses, conversion charges, infrastructure development charges, shown under Work-in-progress Depreciation dis-allowed - Held That:- The entire items of plant and machinery, office equipments, furniture and fixtures and vehicles have been used by the assessee in the course of carrying out of its business during the period under consideration. Depreciation allowed. Sale of Share and Mutual Fund - "Capital Gain OR Business Income" - Held That:- Investment out of its own fund and not borrowed fund - In books and balance Sheet the same were disclosed as Investments - The investment has not been rotated frequently as all the shares / mutual funds purchased by the assessee were not sold, rather the same were held for quite number of days - Dividend Income Earned. Sale/purchase liable to tax as Capital Gain.
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