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2018 (12) TMI 594 - AT - Income TaxIncome from share transaction - Income to be treated as income under the head short term capital gain or income from business or profession - sale of shares held for less than 30 days - Held that:- On a perusal of the assessment orders passed under section 143(3) of the Act for assessment years 2014–15 and 2015–16, it is evident, though, the assessee offered substantial income from share transaction as short term capital gain compared to business income, the AO has accepted assessee’s claim without treating the short term capital gain as business income. Merely because the business income is shown at a lesser figure, that by itself cannot be a reason to treat the short term capital gain derived from sale of share as business income. More so, when the Assessing Officer has not disturbed the assessee’s claim in any other assessment year. Therefore, applying the rule of consistency also assessee’s claim of short term capital gain has to be accepted. We direct the Assessing Officer to assess the amount of ₹ 4,17,413, received from sale of shares held for less than 30 days and shown under the head short term capital gain as business income. Grounds raised are partly allowed.
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