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2016 (2) TMI 1004 - ITAT MUMBAIIncome from sale of shares - capital gain or business income - Held that:- In view of the above discussion and keeping in view the decision of Tribunal in case of Gopal Purohit [2009 (2) TMI 233 - ITAT BOMBAY-G] which was confirmed by Hon’ble Bombay High Court [2010 (1) TMI 7 - BOMBAY HIGH COURT] as well as decision in the case of SMK Shares & Stock Broking, [2010 (11) TMI 714 - ITAT, MUMBAI] and in the case of Vinod K. Nevatia (2010 (12) TMI 73 - ITAT, MUMBAI), which have already been discussed by the lower authorities in their respective orders, we do not find any merit for deviating from the conclusions drawn by the department in earlier year while framing the assessment u/s.143(3) without change in facts and circumstances during the year under consideration. It is pertinent to mention here that assessee was investing in shares and continuously showing not only short term but huge long term capital gains as well as dividend income which has been accepted by the department in their scrutiny assessment. - Decided against revenue
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