2017 (5) TMI 1113

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..... ORDER Heard Sri Shubham Agrawal, learned counsel for the appellants and Sri Rupesh Jain, learned counsel for the respondent. The appeal by the Revenue is directed against the order of the Income Tax Tribunal dated 29.10.2010 in respect of the assessment year 2005-06. The bone of contention in this appeal is whether the income derived from the sale of equity shares would be business income or a .....

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..... ing the date of these transfers. In view of above circular and the above admitted fact that the assessee have held that the said equity shares not only for one year but for more than 16 years and that the shares were listed shares, the income derived from their transfer has rightly been treated as Long Term Capital Gain and not as business income. In view of above, we find no merit in this appea .....

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