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2019 (1) TMI 603 - HC - Income TaxIncome from sale of shares - business income or capital gain Capital Gains - exemption u/s. 10(38) - majority of the shares were not purchased by the settler from the market and whether the shares received by way of Employee Stock Option Plan or purchased from the market, were held by the settler for a long period of time - Held that:- Whether sale of shares by Assessee would invite capital gain or would be business income, is mixed question of law and facts. Whether the Assessee is engaged in the business of buying and selling of shares or is a mere investor, would depend on range of factors. In the present case, the Tribunal has noted the relevant facts and analyzed such facts in proper perspective. To reiterate, the shares in question were not purchased by the Trust at all. They were settled by the settler of the Trust. The Settler himself had not purchased majority of these shares but had received by way of Employee Stock Option Plan. The shares so received as well as small numbers of shares purchased by the settler were held by himself for over two years before settling them in the Trust. No question of law arises. - decided against revenue
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