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2012 (11) TMI 224 - ITAT, DELHIAddition on account of capital gain u/s 45 - Can assessee holds two portfolios for investment & trading for dealing in shares – Book business income from trading portfolio & capital gains from investment portfolio – AO treat capital gain as business income – Held that:- As per CBDT stated in circular and confirm possibility for a tax payer to have two separate portfolios. Where an appellant has two portfolios and have income under both heads i.e. capital gains as well as business income. Whereas assessee’s separate activities in share are further supported and endorsed by the fact that separate demat accounts, bank accounts are being maintained and separate trading account and investment accounts are maintained in the books. The department has earlier accepted the assessee’s practice and treatment under heads of capital gains and business. Appeal decides in favour of assessee.
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