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2021 (8) TMI 773 - AT - Income TaxCorrect head of income - gain on sale of shares - involvement of assessee as a ' trader' OR 'investor' - capital gain or business income - HELD THAT:- During the previous, year, the assessee had made transaction in ten companies’ equity shares and mutual funds which includes HCL as well. The decision relied by the Ld. AR in case of Adar Poonawalla [2015 (1) TMI 1338 - ITAT PUNE] is apt in the present case as in that case as well the issue was relating to loss on account of sale of shares of HCL Technologies which was adjusted against Long Term Capital Gain. The contention of the Ld. DR that the shares were purchased through loan will not make any impact as the assessee’s profile is that of investor and not that of trader which was not at all disputed by the Assessing Officer at any point of time. The transaction of sale and purchase of shares were also not held as non genuine by the AO at any point of time. Thus, the AO as well as the CIT(A) was not right making addition and confirming the same. Therefore, we direct the AO to re-compute the capital gain/loss on the sale of shares of HCL Technologies Ltd. thereby taking the same to be assessable under the head capital gains as per law. Hence, appeal of the assessee is allowed.
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