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2016 (8) TMI 805 - AT - Income TaxIncome earned by the assessee out of share transactions - treated as capital gains or business income - Held that:- The assessee can hold both the portfolio i.e. that of the investor and that of the trader. Although, the assessee in this case had not kept separate accounts regarding its business activity but has treated all the purchases as its investment, however, the learned CIT (A) after going through the transactions in question and considering the explanation of the assessee has held that the intention of the assessee in respect of the transactions in which churning of portfolio was done within a period of less than a month was to earn quick profits. The order of the learned CIT (A) is thus well reasoned order and we do not find any infirmity in the same. Resultantly, both the cross appeals, one by the assessee and the other by the Revenue stand dismissed.
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