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2018 (11) TMI 387 - AT - Income TaxAddition made by the voluminous shares trading as ‘business in nature’ - assessee is a non-resident individual residing in Bahrain, and is pursuing her teaching profession over there - Held that:- Assessee being an NRI has been investing in equity and mutual funds in India. CIT(A) has observed that there is no borrowed funds that has been used for this purpose and the gain/loss has been declared by assessee consistently as income under the head capital gains. This position has been accepted by revenue till A.Y. 2007-08, however only for A.Y. 2008-09 & 2009-10 Ld.A.O. treated capital gain declared by assessee as income from business or profession. Again from A.Y. 2011-12 and 2012-13 assessee had declared income under the head “Capital Gains”, which has been accepted by revenue authorities. We do not agree with reasoning of Ld.AO that since assessee travels to India there exist Permanent Establishment. Further it has been submitted by Ld.Counsel that order passed by Ld. CIT (A) for A.Y. 2008-09 and 2009-10 has not been appealed by revenue before this Tribunal, thereby accepted the long standing position taken by assessee. - decided against revenue
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