2013 (10) TMI 321

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..... Tax Appellate Tribunal ('the Tribunal' for short) dated 25.5.2012 raising following question for our consideration : "Whether the Appellate Tribunal has substantially erred in directing to tax the income earned by the assessee under the head 'Long Term Capital Gain' or 'Short Term Capital Gain' instead of taxing it under the head 'Income from business and profession& .....

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..... 1/- which clearly establishes that the assessee was holding these three scripts as investment and gains derived on sale of the same will result into income chargeable under the head long term capital gain. Further, during the assessment year there were only five transactions relating to such sale. The other lone transaction of sale of one script valued at Rs. 672/- which was held for one day canno .....

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..... 1,931/- and Rs. 672/- to be long term capital gain and short term capital gain respectively and not income chargeable under the head of business and profession. It is ordered accordingly." Having perused the documents with the assistance of the learned counsel for the Revenue, in the present case, the Tribunal noted that the assessee had held three scrips for period of 1380 days which were then s .....

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