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2010 (10) TMI 367 - ITAT, MUMBAICapital gain vs. Business income - Investment in shares - CBDT Circular No. 4 of 2007, dated 15th June, 2007 - Burden of proof on the assessee - Held that: it can be seen that the shares are held for a few days and in very few case for a few months but in no case it is exceeding 85 days. Purchase of shares during the year and selling them frequently in short period, in our opinion, do indicate that the assessee has purchased the shares with a motive to earn profit in a short period. - activity of frequent buying and selling of shares over a short span of period during the impugned year has to be treated as business being adventure in the nature of trade and the income has to be treated as business income and not as capital gain. Principle of res judicata does not apply to income-tax proceedings and every assessment is independent - Decided against the assessee.
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