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2014 (5) TMI 1060 - ITAT JODHPURRevision u/s 263 - CIT directed the AO to re-examine whether share profits disclosed by the assessee as short-term capital gain fell under the head 'Business income'? - Held that:- In the present case as we have already pointed out that the assessee furnished the details relating to the shares transactions, disclosed the profit on the basis of books of account wherein all the transactions were entered. The assessee was maintaining the shares transactions with three brokers under two portfolios i.e. investment portfolio and trading portfolio. The assessee disclosed short-term capital gain of ₹ 27,42,135 on the sale of shares which were held as an 'investment' and also declared profit of ₹ 2,23,199 as 'business income' on the day trading of shares. The assessee also paid security transaction tax. The AO during the course of assessment proceedings, asked the assessee to furnish the details relating to the sale transactions and the assessee furnished the same before the AO as well as before the learned CIT. So, it cannot be said that the assessee had not furnished the details relating to the shares transactions or the AO had not examined those details while framing the assessment under s. 143(3) of the Act. We therefore, by considering the totality of the facts of the present case, are of the view that the learned CIT was not justified in treating the assessment order passed by the AO under s. 143(3) of the Act as erroneous and prejudicial to the interest of the Revenue. In that view of the matter, the impugned order is set aside and the assessment order passed by the AO is restored. - Decided in favour of assessee
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